Average fixed cost:
A. equals marginal cost when average total cost is at its minimum.
B. graphs as a U-shaped curve.
C. declines continually as output increases.
D. may be found for any output by adding average variable cost and average total cost.
Answer: C
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The table above shows the labor demand and labor supply schedules for a nation. The equilibrium real wage rate is ________ and the equilibrium quantity of labor is ________ billions of hours per year
A) $25; 260 B) $20; 280 C) $20; 260 D) $15; 260 E) $40; 320
Unanticipated inflation benefits
A) people or businesses who owe funds. B) people or businesses who lend funds. C) people who live on a fixed income. D) people with CDs (certificates of deposits) in the bank.
An individual's level of utility is based on fulfillment of needs as opposed to wants
a. True b. False Indicate whether the statement is true or false
Naturally occurring diamonds are an example of
A. land. B. human capital. C. labor. D. physical capital.