The relationship between inputs and outputs in the short run is described by the law of diminishing marginal product (or returns). The shapes of which cost curves can be attributed to the law? The answers choices are:
- total fixed cost, total variable cost, average variable cost, marginal cost, and average total cost
- total variable cost, total cost, average variable cost, average total cost, and marginal cost
- total cost, average variable cost, average fixed cost, average total cost, and marginal cost
- total variable cost, total cost, average fixed cost, marginal cost, and average variable cost