a b c d In economics, a firm that makes a zero econ…
a b c d In economics, a firm that makes a zero economic profit is said to be earning a normal profit. it also means that he has “done as well as could have been done.” Therefore, it is not bad to make zero economic profit. Based on the above table ________ is the case of a zero economic profit (i.e., a normal profit).
Read DetailsAverage Fixed Cost (AFC): Total fixed cost (TFC) divided…
Average Fixed Cost (AFC): Total fixed cost (TFC) divided by quantity of output Average Variable Cost (AVC): Total variable cost (TVC) divided by quantity of output Average Total Cost (ATC): Total cost (TC) divided by quantity of output MC indicates marginal cost. Based on the above plots, (1)_____________ continuously declines as the quantity of output rises, because (2)____________ is constant.
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