In Ancient Greece,the "Middlemen" Who Brought Spices from the Far

question 71

Multiple Choice

In Ancient Greece,the "middlemen" who brought spices from the Far East to sell to and trade with the Greeks were ________ merchants.

• A)Indian
• B)Chinese
• C)Hebrew
• D)Egyptian
• E)Arab

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit changes as more units are produced.

Price Taker

An economic entity that does not have the market power to set the price of a good or service but must accept the market price as given.

Market Price

The present rate at which a service or asset is available for purchase or sale in a market.

Average Variable Cost

The total variable cost divided by the number of units produced.