Which of the following statements is true? a. If the marginal cost curve is above the AFC curve, the AFC curve must be rising. b. The AFC curve is horizontal as output increases. O c. As output increases, the average variable cost curve gets closer to the average total cost curve. O d. Average total cost equals average variable cost minus average fixed cost.

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A: Answer to the question is as follows :

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Q: Refer to the table below. The table shows Long-Run Total Costs Quantity 1 2 4 6 7 Firm 1 $180 $280…

A:

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A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

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A: Total product divided by total quantity of labor employed equals the average product of labor.

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