205) choose the correct answer:1.The average total cost curve in the long run is flatter than the average total cost curve in the short run. 2

206) Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs.100 each. It costs Nicole Rs.20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs.100,000 in her factory and equipme

207) If there are implicit costs of production,

208) If a production function exhibits diminishing marginal product, its slope

209) Refer to Figure 13-1. The marginal product of labour as production moves from employing one worker to employing two workers is