Question:medium
Which of the following statement(s) is/are true?
(A) Gross profit is the difference between total revenue and total cost.
(B) Average revenue is the same as market price of the commodity.
(C) Long period total cost curve starts from the origin.
(D) ATC and AVC tend to intersect at some level of output.
Choose the correct answer from the options given below:
Which of the following statement(s) is/are true?
(A) Gross profit is the difference between total revenue and total cost.
(B) Average revenue is the same as market price of the commodity.
(C) Long period total cost curve starts from the origin.
(D) ATC and AVC tend to intersect at some level of output.
Choose the correct answer from the options given below:
(A) Gross profit is the difference between total revenue and total cost.
(B) Average revenue is the same as market price of the commodity.
(C) Long period total cost curve starts from the origin.
(D) ATC and AVC tend to intersect at some level of output.
Choose the correct answer from the options given below:
Show Hint
Because \(ATC = AVC + AFC\), the vertical distance between the \(ATC\) and \(AVC\) curves is equal to \(AFC\). Since \(AFC\) decreases as output rises, the two curves draw closer together but never touch.
Updated On: Aug 5, 2026
- (A) only.
- (B) and (C) only.
- (A) and (D) only.
- (A), (B) and (C) only.
Show Solution
The Correct Option is B
Solution and Explanation
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