Which of the Following Statements About Markets and Industries Is

question 68

Multiple Choice

Which of the following statements about markets and industries is TRUE?

• A) A market includes buyers but not sellers.
• B) A market includes sellers but not buyers.
• C) An industry includes buyers but not sellers.
• D) An industry includes sellers but not buyers.

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Definitions:

Average Variable Costs

Calculated by dividing the total variable costs by the quantity of output produced; it's the variable cost per unit of output.

Average Variable Costs

an economic measure representing variable costs (expenses that change with production levels) averaged over a quantity of output.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of a good changes as the production volume is increased.

Average Variable Cost Curve

A graph that displays how the variable cost per unit changes with changes in output level.