Which of the following correctly describe a firm's short run costs? Select all that apply.
The difference between average total cost (ATC) and average variable cost (AVC) is average fixed cost (AFC).
As output increases, average fixed cost (AFC) continually increases.
When marginal product of labor (MPL) increases, marginal cost (MC) falls.
When marginal cost (MC) is above average variable cost (AVC), AVC is decreasing.
When marginal cost (MC) equals average variable cost (AVC), AVC is at its lowest value.
MR=MC
