Economics · Cost Theory
Match List-I (Cost Concept) with List-II (Definition / Property): List-I A. Average Variable Cost (AVC) B. Average Fixed Cost (AFC) C. Long Run Average Cost (LRAC) D. Marginal Cost (MC) List-II I. Envelope of all short run average cost curves; U-shaped due to economies and diseconomies of scale II. Cost of producing one additional unit; equals AVC at the minimum of AVC III. Continuously declining hyperbola as output rises IV. TVC/Q; U-shaped; intersected by MC at its minimum Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A-IV, B-I, C-III, D-II
- 2A-II, B-I, C-IV, D-III
- 3A-III, B-IV, C-II, D-I
- 4A-IV, B-III, C-I, D-II✓
Correct answer
A-IV, B-III, C-I, D-II
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