Multiple Choice
Average fixed cost is
A) the sum of variable and fixed costs
B) total cost minus variable cost
C) variable cost plus marginal cost
D) total fixed cost per unit of output
E) constant as output changes
Correct Answer:

Verified
Correct Answer:
Verified
Q1: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -In Figure 7-4,marginal
Q2: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-8 shows
Q3: A firm's explicit costs are<br>A)the opportunity costs
Q4: A firm's minimum efficient scale is defined
Q6: A firm's profit is<br>A)greater if it is
Q7: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -For the total
Q8: Suppose that (1)LRATC is minimized at $60
Q9: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-6 shows
Q10: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-2 shows
Q11: The law of diminishing marginal returns says