3. (5 points) Choose from opportunity cost, total cost, fixed cost, variable cost, average total cost,
and marginal cost to fill in the type of cost that best completes each sentence:
(1) ____ is falling when marginal cost is below it and rising when marginal cost is
above it.
(2) A cost that does not depend on the quantity produced is a(n) ____.
(3) In the ice-cream industry in the short run, ____ includes the cost of cream
and sugar but not the cost of the factory.
(4) Profits equal total revenue minus ____.
(5) The cost of producing an extra unit of output is the ____.
