6. The slope of the short-run total cost curve equals the slope of the short-run variable cost curve at every output. 7. Average fixed costs are constant for all output levels. Answers: 1.F 2.T 3.F ...

3. Short Questions. 1. An industry has 50 identical, perfectly competitive firm. Each firm has a short run cost function given by: C=192+12q 2. What are the firm and industry short run supply ...