Describes marginal cost-average variable and total cost

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State whether the following describes marginal cost, average total cost, average variable cost, or average fixed cost. (Note: some statements may describe more than one cost curve.)

a. Costs continuously decline as output rises.

b. Always lies above the AVC curve

c. First declines as quantity increases, but then increases as quantity increases.

d. Cuts the ATC and AVC at their minimum points.

Reference no: EM131097220

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