In Table 8.5, the marginal cost of producing the third unit of output is:
Refer to Table 8.5. At what level of production will the average total cost curve intersect the marginal cost curve?
As the output produced by a firm increases, the average fixed cost:
A)continues to decline.
B)initially increases, and then declines.
C)quickly drops to zero.
E)declines and finally becomes negative.
In the short run when output is zero, total cost is:
A)equal to total variable cost.
B)greater than total fixed cost.
C)equal to total fixed cost.
D)less than total fixed cost.
E)less than total variable cost.