Consider the following statements about the Average Fixed Cost of a firm:
(i) Its slope is always negative.
(ii) Its slope is always greater than one.
(iii) Its slope is always equal to one.
(iv) Elasticity with respect to output is equal to one.
Choose the correct answer from the code given below :
1
Only (i)
2
(ii) and (iii)
3
(i) and (iv)
4
Only (iii)