Select the correct statements in the context of relation between AP and MP.

(A) As long as the value of MP remains higher than the value of the AP, the AP continues to rise.

(B) When AP falls, MP has to be less than AP.

(C) At the first unit of variable input ,AP and MP are same

(D) MP curve cuts AP curve from above at its minimum.

Choose the correct answer from the options given below:

In the short run, the shape of marginal cost, average variable cost and short run average cost curves are:

Which of the following statements reflect average fixed cost?

A. Its curve is 'U' shaped and at zero level of output, it is undefined.

B. When output is very close to zero, it is arbitrarily large, and as output moves towards infinity, it moves towards zero.

C. In the short run, it cannot be changed.

D. A rectangular hyperbola shaped curve whose value decreases with increase in output.

Choose the correct answer from the options given below:

Which statement is incorrect in the context of relationship between AVC and SMC?

When the average cost is rising, then.

Which of the following states that "The marginal product of a factor input initially rises with its employment level, but after reaching a certain level of employment, it starts falling"?

Change in total cost per unit of change in output is defined as: