Review of Cost And Revenue Curves - SS2 Economics Past Questions and Answers - page 1
Which type of cost curve shows the total cost of producing a given quantity of goods?
Total cost curve
Average cost curve
Marginal cost curve
Total revenue curve
Which type of cost curve shows the average cost per unit of output?
Total cost curve
Average cost curve
Marginal cost curve
Total revenue curve
Which type of revenue curve shows the additional revenue earned from selling one more unit of output?
Total revenue curve
Average revenue curve
Marginal revenue curve
Total cost curve
Which revenue curve is typically a horizontal line at the market price?
Total revenue curve
Average revenue curve
Marginal revenue curve
Total cost curve
Which cost curve reflects the law of diminishing returns?
Total cost curve
Average cost curve
Marginal cost curve
Total revenue curve
What information do cost and revenue curves provide to businesses?
Cost and revenue curves provide businesses with important information about the relationship between costs, revenues, and output levels, which can help them make informed decisions about pricing, production levels, and overall profitability.
How do average and marginal cost curves differ?
The average cost curve shows the average cost per unit of output, while the marginal cost curve shows the additional cost of producing one more unit of output.