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The relationship between the quantity of output produced and the total cost of production is illustrated by the marginal cost curve.

• true

• false

All firms maximize profit by producing the quantity at which marginal cost equals marginal revenue

• false

• true

Price is greater than marginal revenue for a monopolist. 

• false

• true

Marginal revenue can be defined as the change in total revenue divided by the change in output.

• false

• true

A firm in perfectly competitive market produces where price exceeds marginal cost.

• false

• true

Decreasing returns of scale occurs when a firm's long-run average total cost rises as output increases.

• false

• true

When the marginal product curve is below the average product curve, average product is decreasing.

• false

• true

The relationship between cost and output is described by a production function.

• true

• false

In the long run, both labor and capital are variable.

• false

• true

Marginal product of labor is the increase in total cost associated with a one-unit increase in labor.

• false

• true