A Medium of Exchange Is

question 218

Multiple Choice

A medium of exchange is

• A) an asset that is used to settle future debts.
• B) a measure by which prices are expressed.
• C) an object that sellers will accept as payment.
• D) the thing traded when barter takes place.

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Definitions:

ATC

Average Total Cost, which is the total cost of production (including both fixed and variable costs) divided by the number of units produced.

AVC

stands for Average Variable Cost, which is the total variable cost divided by the quantity of output produced.

MC

Marginal Cost, the increase in total cost that arises from producing one additional unit of a good or service.

AVC

Average Variable Cost, the variable cost per unit of output.