Marginal cost is defined as
A) the rate at which average cost changes with output.
B) the rate at which total variable cost changes with output.
C) the rate at which fixed cost changes with output.
D) total cost minus variable cost.
Correct Answer:
Verified
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
Q34: In order to divide a given production
Q35: The vertical distance between the average total
Q36: Markets characterized by declining long-run average costs
Q37: ATC equals
A)AVC - AFC.
B)FC/Q.
C)(TFC + TVC)/Q.
D)MC +
Q38: At one unit of output AVC is
A)zero.
B)infinite.
C)equal
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