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
