The Short-Run Average Total Cost (ATC) Curve of a Firm

question 212

Multiple Choice

The short-run average total cost (ATC) curve of a firm will tend to be U-shaped because

• A) larger firms always have lower per-unit costs than smaller firms.
• B) at low levels of output, AFC will be high, while at high levels of output, MC will be high as the result of diminishing returns.
• C) diminishing returns will be present when output is small, and high AFC will push per-unit cost to high levels when output is large.
• D) diseconomies of scale will be present at both small and large output rates.

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Definitions:

Limitation

A restriction or bound; in legal terms, it refers to the maximum time period within which legal action can be initiated.

Equitable Remedies

Judicial awards made to fairly resolve a legal issue or dispute, including injunctions, specific performance, and rescission, based on principles of equity rather than fixed law.

Types

Varieties or categories of objects, individuals, or concepts that share common characteristics.

Distinguish

To distinguish means to recognize or treat (someone or something) as different from other people or things.