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QUESTION
(1) True or false: the marginal cost curve crosses the total cost curve at its minimum point. Plot the relevant cost curves to explain your answer....
(1) True or false: the marginal cost curve crosses the total cost curve at its minimum point. Plot the relevant cost curves to explain your answer.
(2) True or false: the long-run marginal cost curve is always above any short-run marginal cost curve, because in the long run marginal product will be decreasing. Plot the relevant cost curves and explain carefully your answer.
