The marginal cost curve is generally ________, because diminishing marginal returns implies that additional units are ________.

The marginal cost curve is generally ________, because diminishing marginal returns implies that additional units are ________.

downward-sloping; less costly to produce

upward-sloping; less costly to produce

downward-sloping; more costly to produce

upward-sloping; more costly to produce

When an owner uses resources they own in a business, that usage should be considered

an implicit cost

a fixed cost

an explicit cost

a direct cost