Statement I: Average Total Cost Less Average Fixed Cost Equals

question 95

Multiple Choice

Statement I: Average total cost less average fixed cost equals average variable cost.
Statement II: At an output of one,average total cost is equal to total cost.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

---

Definitions:

Labor Organization

A group, often in the form of a union, that represents the collective interests of workers in negotiations with employers regarding wages, working conditions, and rights.

Mechanization

The process of changing from working largely or exclusively by hand or with animals to doing that work with machinery.

Cotton Mills

Factories equipped for the processing and manufacturing of cotton into yarn or fabric, pivotal to the Industrial Revolution.

Labor Management

The process of managing the relationship between employers and their workforce, including aspects like hiring, training, and negotiating labor contracts.