Option 1 -> Average Cost Curve is typically U-shaped due to the combined effect of AFC and AVC.
Option 2 -> Marginal Cost Curve is also U-shaped, reflecting the law of variable proportions.
Option 3 -> Average Fixed Cost Curve follows the formula AFC = TFC/Q, which can be written as AFC × Q = TFC (constant), the equation of a rectangular hyperbola.
Option 4 -> Variable Cost Curve typically increases with output and is not hyperbolic in shape.
Hence, Option 3: Average Fixed Cost Curve -> Since fixed costs remain constant at all levels of output, AFC = Total Fixed Cost/Quantity. As output increases, AFC continuously declines but never becomes zero. The curve is asymptotic to both axes and follows the rectangular hyperbola equation (AFC × Q = constant). This means the area under any point on the AFC curve, when multiplied by quantity, always equals the same fixed cost value. -> correct