The slope of a ray from the origin to a point on the total cost curve is the
A) average fixed cost of producing the corresponding level of output.
B) average total cost of producing the corresponding level of output.
C) marginal cost of producing the corresponding level of output.
D) variable cost of producing the corresponding level of output.
Correct Answer:
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Q22: Average variable cost is
A)the ratio of total
Q23: The total fixed cost function
A)is horizontal.
B)is U-shaped.
C)is
Q24: The long-run total cost of zero output
Q25: MC equals
A)ΔTC/ΔQ.
B)ΔVC/ΔQ.
C)FC/Q.
D)VC/Q.
Q26: Producing an additional unit whose marginal cost
Q28: Average fixed cost
A)is a horizontal line.
B)increases steadily
Q29: When marginal cost is greater than average
Q30: The AFC curve
A)always slopes downward.
B)is U-shaped.
C)is a
Q31: The MC curve slopes upward due to
A)increasing
Q32: If the total variable cost curve is
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