When Stephen cut prices in his jewelry store by 20 percent, the dollar value of his sales fell by 20 percent. Marginal cost is less than average total cost. Marginal cost is less than average variable cost.
Marginal cost is greater than average total cost.
Marginal cost equals average total costs. All of the above answers are correct. John s demand schedule for pizza is indicated below. Using the graphs below, answer the following question. To achieve maximum satisfaction consumer equilibrium consumers have to allocate income in such a way that the ratio of the marginal utility to the price of the goods is equal for all goods purchased.