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Q. |
Which of the following is an inverted `U' shaped curve? |
A. | Average cost |
B. | Marginal cost |
C. | Total cost |
D. | Fixed cost |
Answer» A. Average cost | |
Explanation: In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. Both the Short-run average total cost curve (SRAC) and Long-run average cost curve (LRAC) curves are typically expressed as U-shaped. However, the shapes of the curves are not due to the same factors. |
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