In short-run, when average cost falls as a result of an increase in output, marginal cost is __________ average cost.
CA Foundation · Business Economics · PYQS · January 2025
In short-run, when average cost falls as a result of an increase in output, marginal cost is __________ average cost.
Suggested Answer and Working Notes:
Correct Answer: Option (B)
B. less than
Topics: Theory of Production and Cost