Question : Which of the following cost curve is never 'U' shaped?
Option 1: Marginal cost curve .
Option 2: Average variable cost curve .
Option 3: Average fixed cost curve .
Option 4: Average cost curve
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Correct Answer: Average fixed cost curve .
Solution : Correct Answer is Average fixed cost curve .
A rectangular hyperbola represents the average fixed cost (AFC) curve. Because TFC is constant at all output levels, the area under the curve is also constant. The typical fixed cost curve never has a U-shape. Because fixed costs are spread out over a larger volume as production volume increases, the average fixed costs AFC curve slopes downward.
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