Question: Which answers are correct and why? A U-shaped average cost function implies that which of the following are possible: a. Average cost is higher than

Which answers are correct and why? A U-shaped average cost function

Which answers are correct and why?

A U-shaped average cost function implies that which of the following are possible: a. Average cost is higher than the marginal cost. * b. Average cost is lower than the marginal cost. c. Marginal costs increase but average costs decrease

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