[单选]Suppose Jan started up a small lemonade stand business last month. Variable costs for Jan's lemonade stand now include the cost of
A. building the lemonade stand.
B. hiring an artist to design a logo for her sign.
C. lemons and sugar.
D. All of the above are correct.
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[单选]The Wacky Widget company has total fixed costs of $100,000 per year. The firm’s average variable cost is $10 for 10,000 widgets. At that level of output, the firm’s average total costs equal
A. $10
B. $15
C. $20
D. $25
[单选]Curve A represents which type of cost curve?
A. marginal cost
B. average total cost
C. average variable cost
D. average fixed cost
[单选]Which curve is most likely to represent marginal cost?
A
B
C
D
[单选]Curve D is increasing because
A. of diminishing marginal product.
B. of increasing marginal product.
C. marginal product first increases, then decreases.
D. marginal product first decreases, then increases.