If marginal cost is above average variable cost, then

a. average variable cost is increasing.

b. marginal cost must be decreasing.

c. average variable cost is constant.

d. average variable cost is decreasing.

In the short run, as output increases,

a. the difference between average total cost and average variable cost decreases.

b. the difference between total cost and average variable cost decreases.

c. marginal cost eventually decreases.

d. All of the above are correct.

The marginal cost curve intersects the ________ at its minimum.

a. average variable cost curve

b. average total cost curve

c. average fixed cost curve

d. [A] and [B] are both correct.

The formula for AVC is

a. q/TVC.

b. TVC/q.

c. ?TVC/?q.

d. ?q/?TVC.

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