Figure 13-6 The curves below reflect information about the cost structure of a f

Question

Figure 13-6 The curves below reflect information about the cost structure of a firm. Cost ($) Quantity of Output 12. Refer to Figure 13-6. Which of the curves is most likely to represent average total cost? a. A b. B d. D 13. Refer to Figure 13-6. Which of the curves is most likely to represent average fixed cost? b. B c. C d. D 14. Refer to Figure 13-6. Which of the curves is most likely to represent average variable cost? a. A b. B d. D 15. Refer to Figure 13-6. Which of the curves is most likely to represent marginal cost? a. A b. B c. C d. D When marginal cost is greater than average cost, average cost is a. rising b. falling. c. constant. d. either rising or falling depending on the economies of scale 16.

Explanation / Answer

Question 12

According to the given figure, Curve B is most likely to represent average total cost.

The correct answer is the option (b).

Question 13

According to the given figure, Curve D is most likely to represent average fixed cost.

The correct answer is the option (d).

Question 14

According to the given figure, Curve C is most likely to represent average variable cost.

The correct answer is the option (c).

Question 15

According to the given figure, Curve A is most likely to represent marginal cost.

The correct answer is the option (a).

Question 16

When marginal cost is greater than average cost then average cost increases.

The correct answer is the option (a).

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