Average variable cost equals
A) fixed cost divided by output.
B) total variable cost divided by output.
C) marginal cost divided by output.
D) marginal cost plus fixed cost.
E) marginal cost multiplied by output.
B
Economics
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Under perfect competition, existing firms leave the market in the long run if the price falls below total fixed cost
a. True b. False Indicate whether the statement is true or false
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