_________ are short run cost.
AC
MC
TC
All the above
Price equals
Total revenue - Quantity
Total revenue/Quantity sold
Total quantity sold × Quantity sold
Total revenue/Total cost
If firms earn normal profits :
They will aim to leave the industry
Other firms will join the industry
The total revenue equal total costs
No profit is made in accounting terms
The profit per sale is a measure of
Cash Flow
Profitability
Feasibility
Liquidity
__________ increases and decreases with the volume of output.
Fixed Cost
Variable Cost
Total Cost
Money Cost
Wages is __________ cost of the production.
Fixed
Variable
Opportunity
Marginal
_________ cannot be changed in the short period .
Production Cost
The average variable cost curve:
Is derived from the average fixed costs
Converges with the average cost as output increases
Equals the total costs divided by the output
Equals revenue minus profits
If total revenue is divided by the units sold, we shall get
Total Revenue
Average Revenue
Marginal Revenue
Total Profit
If law of diminishing return is in operation average cost
Decreases
Increases
Remains Constant
Decreases Slowly
