Economics · Production and Costs
Match the following short-run cost concepts with their geometric shapes/definitions: (a) Average Variable Cost (AVC) (b) Average Fixed Cost (AFC) (c) Short-run Average Cost (SAC) (d) Short-run Marginal Cost (SMC) (1) Vertical sum of AFC and AVC curves, U-shaped (2) U-shaped curve that reaches its minimum before the SAC curve (3) Rectangular hyperbola approaching both axes asymptotically (4) U-shaped curve that cuts both AVC and SAC at their minimum points
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1a-4, b-3, c-2, d-1
- 2a-2, b-1, c-3, d-4
- 3a-3, b-2, c-1, d-4
- 4a-2, b-3, c-1, d-4✓
Correct answer
a-2, b-3, c-1, d-4
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