Average fixed cost
A) does not change as total output increases or decreases.
B) varies directly with total output.
C) falls continuously as total output expands.
D) rises as the output is expanded.
C
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What is the formula for the price elasticity of demand? The percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity supplied divided by the percentage change in price. C) quantity demanded divided by the percentage change in price. D) quantity demanded divided by the percentage change in income. E) equilibrium quantity demanded divided by the equilibrium price.
A business cycle is the pattern of short-run upward and downward movements in production and jobs
Indicate whether the statement is true or false