Total revenue equals
Price plus the quantity
Price multiplied by the quantity sold
Price divided by the quantity sold
Price minus the quantity sold
Average fixed cost
Never becomes zero
Curve never touches x axis
Curve never touches y axis
All the above
When internal economics of scale occur
Total costs falls
Marginal costs increase
Average costs fall
Revenue fall.
If law of diminishing return is in operation average cost
Decreases
Increases
Remains constant
Decreases slowly .
If marginal product is below average product .
Fall
Rise
Constant
slowly grow
If marginal cost is positive and falling
Total cost is falling .
Total cost is increasing at a falling rate
Total cost is falling at a falling rate
Total cost is increasing at an increasing rate.
According to the law of diminishing returns.
The marginal product eventually falls as more units of a variable factor are added to a fixed factor .
Marginal utility falls as more units of a product are consumed .
The total product falls as more units of a variable factor are added to a fixed factor .
The marginal product eventually increases as more units of a variable factor are added to a fixed factor.
In the short term a firm will produce provided the revenue.
Covers fixed costs
Covers variable costs
Covers total costs
Covers sales
_______ increases and decreases with the volume of output .
Fixed cost
Variable cost
Total cost
Money 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 .
