Economics · Theory of Production and Cost
Which of the following statements is/are correct? I. Short run marginal cost (SMC) is defined as the change in total cost per unit of change in output. II. The average variable cost (AVC) is defined as the total variable cost per unit of output. III. Short run average cost (SAC) incurred by the firm is defined as the total cost per unit of output. IV. The cost that a firm incurs to employ fixed inputs is called the total fixed cost (TFC).
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only IV
- 2Only III and IV
- 3Only I and II
- 4I, II, III and IV✓
Correct answer
I, II, III and IV
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