Giving reasons, state wheather the following statements are true or fa

1.	Giving reasons, state wheather the following statements are true or false. (i) When there are diminishing returns to a factor marginal product and total product both always diminish. (ii) When marginal revenue is positive and constant, AR and MR will both increase at constant rate. (iii) As output is increased, the difference between average total cost and average variable cost falls and ultimately becomes zero.
Answer» (i) False. Because MP will diminish but TP will still increase if MP is positive. (ii) True. Because under perfect competition AR and MR are equal, therefore both increase at a constant rate. (ii) False. Because difference between ATC and AVC is AFC (Average Fixed cost)

Giving reasons, state wheather the following statements are true or false. (i) When there are diminishing returns to a factor marginal product and total product both always diminish. (ii) When marginal revenue is positive and constant, AR and MR will both increase at constant rate. (iii) As output is increased, the difference between average total cost and average variable cost falls and ultimately becomes zero.

Answer»

(i) False. Because MP will diminish but TP will still increase if MP is positive.

(ii) True. Because under perfect competition AR and MR are equal, therefore both increase at a constant rate.

(ii) False. Because difference between ATC and AVC is AFC (Average Fixed cost)

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