As output increases, average total cost always falls because average fixed cost declines.
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Q12: The vertical distance between the average total
Q13: A business produces 400 items and sells
Q14: Fixed costs remain the same regardless of
Q15: A business produces eight items and sells
Q16: Accounting profit is equal to:
A) implicit revenue
Q18: Accounting profit and economic profit differ because
Q19: If the law of diminishing marginal productivity
Q20: In the long run all inputs are
Q21: The reason economists and accountants have problems
Q22: A production table can be used to
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