In the short run, total cost is zero when the firm produces nothing.
Correct Answer:
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Q31: Average fixed cost
A)increases as output rises.
B)remains constant
Q32: Assume that 1 laborer produces 6 units
Q33: Average total cost is average variable cost
Q34: Exhibit 8-3 Q35: A production function is the relationship between Q37: Marginal cost is total costs divided by Q38: Average fixed cost always declines as output Q39: When diminishing returns to labor begins, Q40: Exhibit 8-3 Q41: Marginal product and marginal cost are not
A)total
A)average total
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