ASAP
As output increases, average fixed cost is declining:
Select one:
a as long as AVC are declining
b as long as ATC are declining
c as long as MC lies below it
d no matter what happens to the other types of cost
If the average variable cost (AVC) is $74 and the total fixed cost (FC) is $100 at 5 units of output, then the average total cost (ATC) at 5 units of output is:
Select one:
a $91
b $94
c $97
d $100
If a firm is currently producing zero output in the short-run, total cost (TC) equals:
Select one:
a zero
b marginal cost
c variable cost
d fixed cost
In the long-run:
Select one:
a a firm cannot vary its output
b all resources are variable
c a firm can change its fixed inputs
d output cannot be changed by using different amounts of the variable inputs
When the marginal product is negative:
Select one:
a the average product could be rising
b the total product could be rising
c neither (a) nor (b) could hold
d both (a) or (b) could hold