Refer to the Information Provided in Figure 1

Multiple Choice

Refer to the information provided in Figure 1.5 below to answer the question(s) that follow. Figure 1.5
-Refer to Figure 1.5. As firms produce additional units, average costs declines by a smaller and smaller amount. If output is graphed on the horizontal axis and average costs are graphed on the vertical axis, the relationship between average costs and output would be like which of the following Panels?

A) A
B) B
C) C
D) D