Which of the following statements regarding the short-term theory of production and cost analysis are false?
A. Economic rent is the same as economic profit
B. Imputed cost is the rent of a hired building
C. When AC = MC, AC is minimum
D. When MC is rising, AC > MC
E. Output is optimum when AC = MC
Choose the correct answer from the options given below:
1
A and E only
2
B and D only
3
A, B and C only
4
C, D and E only