Question: 20. Statement 1: AVC can never be higher than ATC, Statement 2: AVC and marginal cost are equal at an output of one (LO4) a)

20. Statement 1: AVC can never be higher than ATC, Statement 2: AVC and marginal cost are equal at an output of one (LO4) a) Statement 1 is true, and statement 2 is false. b) Statement 2 is true, and statement 1 is false. c) Both statements are true. d) Both statements are false

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