The Diagram Below Shows Some Short-Run Cost Curves for a Firm

question 40

Multiple Choice

The diagram below shows some short-run cost curves for a firm. FIGURE 7-2
-Refer to Figure 7-2.Which of the following choices correctly identifies the cost curves in part (i) of the figure?

• A)Curve 1 is the total cost curve. Curve 2 is the total variable cost curve. Curve 3 is the total fixed cost curve.
• B)Curve 1 is the total fixed cost curve. Curve 2 is the total variable cost curve. Curve 3 is the total cost curve.
• C)Curve 1 is the total variable cost curve. Curve 2 is the total cost curve. Curve 3 is the total fixed cost curve.
• D)Curve 1 is the total marginal cost curve. Curve 2 is the total average cost curve. Curve 3 is the total average fixed cost curve.
• E)Curve 1 is the total cost curve. Curve 2 is the total variable cost curve. Curve 3 is the average fixed cost curve.

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A political belief system focused on the concept of citizenship within a republic, where sovereignty is vested in the populace.

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An approach towards politics and ethics that advocates for individual liberty, the agreement of the governed, and uniformity in legal standards.

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An intellectual movement in 17th and 18th centuries emphasizing reason and individualism rather than tradition; heavily influencing the development of Western philosophy, political thought, and society.

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