Exhibit 22-11 -Refer to Exhibit 22-11.Average Variable Cost at Two Units of at Two

question 21

Multiple Choice

Exhibit 22-11

-Refer to Exhibit 22-11.Average variable cost at two units of output is

• A) $50.
• B) $60.
• C) $100.
• D) $110.
• E) There is not enough information provided to answer this question.

---

Definitions:

Stipulated Benchmark

A predefined standard against which the performance of an investment or fund is measured.

Portfolio Assets

All the individual investments held within a portfolio, including stocks, bonds, cash, and other securities.

Monthly Excess Returns

The return on an investment minus the return on a risk-free investment (such as Treasury bills), measured on a monthly basis.

S&P 500 Index

A stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States.