1. If marginal cost is less than average total cost, then:
A. average total cost is increasing with output.
B. average total cost is decreasing with output.
C. average variable cost is increasing with output.
D. average variable cost is decreasing with output.
2. The law of diminishing marginal productivity:
A. states that as more and more of a variable input is added to an existing fixed input, after some point the additional output one gets from the additional input will fall.
B. states that as more and more of a variable input is added to an existing fixed input, after some point the additional output one gets from the additional input will rise.
C. explains why marginal costs of production fall as additional units of output are produced.
D. explains why average productivity always rises.
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