Asked by Sakina Pervez on Jul 23, 2024
Verified
The _____ cost curve continually declines as more output is produced in the short run.
A) marginal
B) average variable
C) average fixed
D) average total
Cost Curve
is a graphical representation of how the cost of producing varies with different levels of output, typically including curves like average cost and marginal cost.
Output
The quantity of goods or services produced by a firm or industry.
Short Run
A period in economics during which at least one factor of production is fixed, constraining the firm's capacity to adjust to changes in demand or supply.
- Assess the impact of changes in output levels on the average total costs, alongside variable and fixed costs.
- Distinguish between different types of costs and their implications for pricing and production decisions.
Verified Answer
Learning Objectives
- Assess the impact of changes in output levels on the average total costs, alongside variable and fixed costs.
- Distinguish between different types of costs and their implications for pricing and production decisions.
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