Question: 1. True/false? Average product will keep rising as long as the marginal product is rising as well. Explain your choice. 2. Draw the MP and

1. True/false? "Average product will keep rising as long as the

1. True/false? "Average product will keep rising as long as the marginal product is rising as well." Explain your choice. 2. Draw the MP and MC curves. Explain why they shape the way you have drawn them. 3. True/False. "The short run average cost curve's rising part can be described by the concept of decreasing returns to scale." Explain your choice. 4. True/False. "If the average variable cost is rising with the level of output, then the Average total cost must be rising as well. 5. Briefly explain why a consumer does not spend all her income in buying only her favourite product

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