The Average Total Cost Curve and the Average Variable Cost

question 155

Multiple Choice

The average total cost curve and the average variable cost curve

• A)are closer together as output increases, with average variable cost reaching its minimum level first
• B)are closer together as output increases, with average total cost reaching its minimum level first
• C)are farther apart as output increases, with average variable cost reaching its minimum level first
• D)are farther apart as output increases, with average total cost reaching its minimum level first
• E)are parallel to each other, and reach their minimum levels at the same rate of output

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Definitions:

Properties

Characteristics or attributes that help define mathematical objects, operations, or relations.

Logarithms

The level to which a base, commonly 10 or e, has to be lifted to yield a particular number.

Expand

To expand an algebraic expression means to multiply it out or remove parentheses, simplifying it to a sum or difference of terms.

Properties

Characteristics or attributes that help define mathematical operations or objects, such as commutative, associative, and distributive properties for addition and multiplication.