The correct statement is:
Fixed cost remains the same regardless of the level of production.
Here's a brief explanation of the other statements:
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Average fixed cost is represented graphically as a U-Shaped curve.: This statement is incorrect. Average fixed cost (AFC) actually decreases as production increases because fixed costs are spread over more units.
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Average fixed cost remains the same regardless of the level of production.: This statement is also incorrect. AFC decreases as production increases.
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Average fixed cost is always increasing as production increases.: This statement is incorrect, as mentioned above, because AFC decreases with increased production.
Therefore, the only correct statement relates to fixed costs remaining constant regardless of the level of production.