Which of the following statements best describes average fixed cost?
A) It is the change in total cost divided by the change in output.
B) It always increases as output increases.
C) It always decreases as output expands.
D) It remains unchanged as output expands.
Correct Answer:
Verified
Q85: FIGURE 7-4 Q86: What is the term for the change Q87: FIGURE 7-4 Q88: FIGURE 7-3 Q89: FIGURE 7-4 Q91: When the marginal cost curve lies below Q92: FIGURE 7-3 Q93: What does the vertical distance between the Q94: A firm is producing 1000 units of Q95: FIGURE 7-4 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents