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MICROECONOMICS


Question:


Which of the following statements is incorrect

When marginal cost is greater than short-run average total cost or average variable cost, these average cost curves slope upward

When marginal cost is less than short-run average total cost or average variable cost, these average cost curves slope upward

When marginal cost is below average total cost or average variable cost, the average total and average variable cost curves slope downward

The marginal cost curve intersects the average total cost and average variable cost curves at their lowest points