Question: marginal cost 33.We can associate a situation where average variable costs fall with a situation where A. The total product curve decreases. B. The marginal

marginal cost

33.We can associate a situation where average variable costs fall with a situation where A. The total product curve decreases. B. The marginal product curve is above the average product curve. C. Total costs fall. D. The total product curve is at the point of inflection. 34.If the marginal cost curve is above the average cost curve, we can say with certainty that A. The slope of the total cost curve is falling. B. The total cost curve has already reached its maximum. C. The slope of the total cost curve is rising D. Marginal product is rising 35. Price elasticity of demand is A. A measure of how the demand for a product changes when the prices of related products change, ceteris paribus. B. A measure of the responsiveness of quantity demanded to changes in income alone C. A measure of how prices change in response to changes in quantity demanded, ceteris paribus. D. The percentage change in quantity demanded when prices change by 1 percent, ceteris paribus Given the following demand graphs for two products A and B Price

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