Which of the following is an inverted `U' shaped curve? (1) Average cost (2) Marginal cost (3) Total cost (4) Fixed cost

Which of the following is an inverted `U' shaped curve? (1) Average cost (2) Marginal cost (3) Total cost (4) Fixed cost
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(1) Average cost Explanation: In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. Both the Short-run average total cost curve (SRAC) and Long-run average cost curve (LRAC) curves are typically expressed as U-shaped. However, the shapes of the curves are not due to the same factors.
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