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Question
The two economists associated with the development of the theory of monopolistic competition were
A) Joan Robinson and Edward Chamberlin.
B) David Hume and Adam Smith.
C) John Neville Keynes and John Maynard Keynes.
D) Carl Menger and Eugen Von Bohm-Bawerk.
Answer
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If the marginal product curve is intersecting the average product curve, we know thatA) the average variable cost curve is intersecting the average total cost curve.B) the marginal cost curve is intersecting the average fixed cost curve. C) the average total cost curve lies above the marginal cost curve.D) the marginal cost curve is intersecting the average total cost curve.
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Why?
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