WAEC - Economics (2020 - No. 19)
One feature of the average fixed cost is that it
falls continuously but is never equal to zero.
is U-shaped and intersects the Y-axis
rises and falls faster than the marginal cost
is always higher than the average variable cost
Wyjaśnienie
The average cost curve keeps falling as the level of output rises. It remains positive, and never reaches a zero value, and never turns negative.