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Fixed cost will decrease with increases in output.

 Fixed cost will decrease with increases in output.

 

12.              The total cost of production is measured by the sum of fixed and variable costs.

 

13.              A decrease in labor productivity will increase marginal cost.

 

14.              Average total cost is found by subtracting AFC from AVC.

 

15.              If marginal cost is increasing, average total cost must be increasing.

 

16.              Economies of scale is a short-run phenomenon.

 

17.              In the long run, all inputs are variable.

 

18.              In the short run, a firm cannot change its level of output.

 

19.              By downsizing, a firm attempts to operate on a smaller scale of operation.

 

20.              All firms and all industries face identical long-run average cost curves.

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Dec 11 2019 View more View Less

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