To Graph a Relationship Among Three Variables We

question 177

Multiple Choice

To graph a relationship among three variables we

• A)hold two variables constant to graph the third variable.
• B)hold one variable constant and graph the relationship between the other two variables.
• C)graph each of the three variables using a separate set of axes.
• D)must be able to draw in three dimensions.
• E)must be able to allow all three variables to vary simultaneously in one graph.

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Definitions:

Perfect Substitutes

Two goods for which the marginal rate of substitution of one for the other is a constant.

Labor Costs

The total sum of all wages, benefits, and taxes that businesses must pay for employing workers.

Rental Rate

The cost of renting a property, piece of equipment, or other asset, typically expressed per unit of time.

Short-Run Average Cost

The average cost of production per unit in the short term, where some inputs are fixed and others are variable.