Question: When marginal cost (MC) is less than average cost (either ATC or AVC), the average cost curve must be _____ as output increases; and when

When marginal cost (MC) is less than average cost (either ATC or AVC), the average cost curve must be _____ as output increases; and when MC is greater than average cost, the average cost curve must be ____ as output increases. Multiple choice question. decreasing; increasing increasing; decreasing

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