Answer the following statement true (T) or false (F)

1) Average fixed costs diminish continuously as output increases.
2) Economic profit is found by subtracting accounting costs from total revenue.
3) A firm's economic profit is usually higher than its accounting profit.
4) The law of diminishing returns explains why short-run marginal cost curves are upsloping.
5) The law of diminishing returns explains diseconomies of scale.

1) T
2) F
3) F
4) T
5) F