CFA Practice Question

There are 539 practice questions for this study session.

CFA Practice Question

Which statement(s) is (are) true?

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.
Correct Answer: I and III

II. AFC decreases as output increases.

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