If average fixed cost is $2 and average variable cost is $3, total cost is $5.
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Q1: The law of diminishing marginal productivity states
Q2: The forgone income that the owner of
Q3: Explicit revenue minus explicit measurable costs equals:
A)
Q5: The marginal cost curve intersects the average
Q6: The law of diminishing marginal productivity implies
Q7: If marginal costs are rising, average total
Q8: When average total cost is rising, the
Q9: If total cost is 100, total fixed
Q10: A business owner makes 50 items by
Q11: A business owner makes 50 items by
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