Select the Appropriate Type of Cost for Each of the Definitions

question 60

Multiple Choice

Select the appropriate type of cost for each of the definitions listed below.
-will decrease on a per-unit basis as output increases

• A)variable
• B)fixed
• C)mixed
• D)step

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Definitions:

Short-run Supply Curve

A graphical representation showing the quantity of goods a firm is willing and able to supply at different prices in the short run, considering some inputs are fixed.

Cost Curves

Graphical representations used in economics to show the costs of producing a certain number of goods, underlining concepts like marginal cost and average cost.

Identical

Exactly the same, without any difference.

Long-run Equilibrium

A state in which all factors of production can be adjusted, allowing for the optimal allocation of resources in a market or economy over time.