What is the relationship between the average fixed cost curve and the marginal cost curve quizlet?
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Principles of Economics7th EditionN. Gregory Mankiw 1,394 solutions What is the relationship between the average fixed cost curve and the marginal cost curve?Relationship between Average Cost and Marginal Cost
If the average cost falls due to an increase in the output, the marginal cost is less than the average cost. If the average cost rises due to an increase in the output, the marginal cost is more than the average cost.
What is the relationship between fixed cost and marginal cost?Fixed costs do not affect the marginal cost of production since they do not typically vary with additional units. Variable costs, however, tend to increase with expanded capacity, adding to marginal cost due to the law of diminishing marginal returns.
What is the relationship between the marginal cost curve and the average total cost curve quizlet?The marginal cost curve crosses the average total cost curve at its minimum (the efficient scale).
What is the relationship between average total cost and marginal cost quizlet?What is the relationship between average total cost and marginal cost? When marginal cost is below average cost, average cost is declining. When marginal cost is above average cost, average cost is increasing.
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