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Basic Question 18 of 29
Which statement(s) is (are) true?
II. AFC increases as output increases.
III. When output is zero, total cost (TC) is equal to TFC, since TVC = 0.
I. Even if nothing is produced, fixed costs are still constant in the short run.
II. AFC increases as output increases.
III. When output is zero, total cost (TC) is equal to TFC, since TVC = 0.
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Learning Outcome Statements
determine and interpret break even and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition
CFA® 2024 Level I Curriculum, Volume 1, Module 1.