Average variable cost is
A) the ratio of total variable cost to the quantity of output produced.
B) the ratio of variable cost to total cost.
C) the ratio of variable cost to fixed cost.
D) the difference between variable and fixed cost.
Correct Answer:
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Q17: Output for a simple production process is
Q18: The variable cost of zero units of
Q19: When costs are at a minimum,
A)the ratio
Q20: Output for a simple production process is
Q21: Geometrically, marginal cost at any level of
Q23: The total fixed cost function
A)is horizontal.
B)is U-shaped.
C)is
Q24: The long-run total cost of zero output
Q25: MC equals
A)ΔTC/ΔQ.
B)ΔVC/ΔQ.
C)FC/Q.
D)VC/Q.
Q26: Producing an additional unit whose marginal cost
Q27: The slope of a ray from the
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