Exam Question
Average fixed cost–
- 1. Always declines as the output increases
- 2. Is U-shaped, if there are increasing returns to scale
- 3. Is U-shaped, if there are decreasing returns to scale
- 4. Is intersected by marginal cost at its minimum point
- 5. None of the above
View Answer
Answer 1. Always declines as the output increases
Practice set and Exam Quiz
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