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Consider the rough drawing of the typical marginal and average cost curves below. What is drawn incorrectly in this graph? $ ATC MC AVC AFC
Consider the rough drawing of the typical marginal and average cost curves below. What is drawn incorrectly in this graph? $ ATC MC AVC AFC Quantity, q O Average fixed cost (AFC) intersects the marginal cost (MC). Average fixed cost (AFC) continues decreasing as quantity q Average total cost (ATC) does not intersect the marginal cost (MC) at its minimum. The law of diminishing marginal product (diminishing marginal returns) is not reflected in this drawing. Everything on this graph is drawn correctly
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