Use the terms “rising”, “falling”, or “staying the same” (but without the quotation marks) when filling in the following blanks.
Use the terms “rising”, “falling”, or “staying the same” (but without the quotation marks) when filling in the following blanks.When the average total cost curve is “U” shaped, the average total cost curve is if the marginal cost curve is below it and if the marginal cost curve is above it. When average variable cost is minimized, marginal cost is and when average total cost is minimized, marginal cost is .
When the average total cost curve is "U" shaped, the average total cost curve is falling if themarginal cost curve is below it and rising if the marginal cost curve is above it. When…
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