Economics · Microeconomics
If Total Cost TC = 5 + 3q, consider the following statements: (i) Average Fixed Cost (AFC) curve is a rectangular hyperbola. (ii) Average Cost (AC) is a decreasing function of output q. (iii) Average Variable Cost (AVC) is constant. (iv) 5 q represents AFC which is a rectangular hyperbola. Which of the statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1All statements (i), (ii), (iii) and (iv) are correct✓
- 2only (i), (ii) and (iii) are correct
- 3only (i), (iii) and (iv) are correct
- 4only (i) is correct
Correct answer
All statements (i), (ii), (iii) and (iv) are correct
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Microeconomics MCQs →Want more practice questions on Microeconomics?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Microeconomics