What is the shape of curves of TC , TVC , TFC ,TP and TR

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Solution

Dear student,

The following are the shapes:
TC: Inverse S-shape
TVC: Inverse S-shape
TFC: Horizontal straight line parallel to x-axis
TP: First increases at increasing rate then increases at decreasing rate, reaches maximum and then falls
TR: Upward sloping straight line under perfect competition and inverse U-shape under imperfect competition

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