Question

Total Costs (dollars)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Curve N
Curve M
Curve L
1,000 2,000 3,000 4,000
Quantity
What are the appropriate labels for Curves N and M in the nearby graph?
O Curve N is total cost and Curve M is total fixed cost.
O Curve N is total variable cost and Curve M is total cost.
O Curve N is total cost and Curve M is total variable cost.
Curve N is total variable cost and Curve M is total fixed cost.

Answer 1

The appropriate labels for Curves N and M in the nearby graph is that the Curve N is total cost and Curve M is total variable cost.

Why is the curve as stated about?

Because a fixed cost is constant, this is not shown on the graph, however, the movement of the variable cost impacts directly on the total cost as well but it will be higher.

Hence, the appropriate labels for Curves N and M in the nearby graph is that the Curve N is total cost and Curve M is total variable cost.

Therefore, the Option C is correct.

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