In a Co-Ordinate Graph with Y on the Vertical Axis

question 15

Multiple Choice

In a co-ordinate graph with Y on the vertical axis and X on the horizontal axis,the variable X is positive and the variable Y is positive in the ________quadrant.

• A)top,right
• B)top,left
• C)bottom,right
• D)bottom,left
• E)any of the above

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Definitions:

Long-Run Adjustment

The process of economic agents fully adapting to changes in conditions or policies over time, reaching a new equilibrium.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional amount earned beyond the next best alternative.

Economies of Scale

Cost advantages that a business can achieve by increasing the scale of production, leading to a lower cost per unit of output.

Economic Profit

The difference between a firm’s total revenue and its total costs, including both explicit and implicit costs.