Question from Past Microeconomics Qualifying ExamEdit
Fall 2004 - Section I, Question eight, George Mason University
T, F, U. State first whether the following statements are true, false or uncertain. Then briefly explain your reasoning in four or five sentences. You may use a graph if it helps clarify your answer.
Cost curves are "monetized" equivalents of product curves.
|This micro-stub needs improving.|
FALSE: Cost curvers are monetized receprocals of product curves, where: MC = w/MP