Curve G approaches curve F because marginal cost is above average variable costs

Question

Curve G approaches curve F because marginal cost is above average variable costs. average fixed cost falls as output rises. Identify the curves in the diagram. E = average fixed cost curve; F = variable cost curve; G = total cost curve, H = marginal cost curve E = marginal cost curve; F = total cost curve; G = variable cost curve, H = average fixed cost curve E = average fixed cost curve; F = average total cost curve; G = average variable cost curve, H = marginal cost curve E = marginal cost curve; F = average total cost curve; G = average variable cost curve; H = average fixed cost curve. The vertical difference between curves F and G measures average fixed costs. marginal costs. fixed costs. sunk costs. fixed cost falls as capacity rises. total cost falls as more and more is produced.

Explanation / Answer

b c c

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