Average fixed cost
A) Is a horizontal line
B) Increases steadily as output increases
C) Decreases steadily as output increases
D) Exhibits diminishing returns
Correct Answer:
Verified
Q20: Output for a simple production process is
Q30: The MC curve slopes upward due to
A)Increasing
Q32: Average variable cost is
A)The ratio of total
Q33: MC equals Q34: In order to divide a given production Q36: Say at the current output level marginal Q37: ATC equals Q37: When marginal cost is greater than average Q38: The slope of a ray from the Q40: The AFC curve
A)
A)AVC - AFC.
B)FC/Q.
C)(TFC + TVC)/Q.
D)MC +
A)Always slopes downward
B)Is U-shaped
C)Is a
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