1. Average variable cost is

2. Which of the following is (are) correct

3. For a restaurant

4. Diminishing marginal returns means that

5. When marginal cost is below average variable cost, average variable cost must be

6. If a firm produces 10 units of output and incurs $30 in average variable cost and $5 in average fixed cost, average total cost is

7. In the long run

8. A factor of production whose quantity can be changed during a particular period is a

9. Given constant quantities of all other factors of production, when additional units of a variable factor of production add less and less to total output, then the firm is experiencing

10. The sum of fixed and variable costs is

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