WAEC Economics 2015 Objective — Question 20

Question 20 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.

Which of the following cost curves is not U-shaped?

A. marginal cost curve
B. average fixed cost curveCorrect
C. average total cost curve
D. average variable cost curve

Explanation

The average fixed cost (AFC) curve is not U-shaped; it is a continuously falling rectangular hyperbola since fixed costs are spread over increasing output, unlike marginal, average variable and average total cost curves which are U-shaped.

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