A ________ Is a Contractual Agreement Where a Business Receives

question 7

Multiple Choice

A ________ is a contractual agreement where a business receives money that must be repaid over a period of time.

• A)credit card
• B)loan
• C)compact
• D)lease

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Definitions:

ATC

Average Total Cost; the per-unit cost of production, calculated by dividing the total cost by the quantity of output produced.

Marginal Output

The additional output that results from increasing the production input by one unit.

Total Output

The total value of all goods and services produced in an economy during a specific period.

Workers

Individuals engaged in any form of employment, contributing labor for the production of goods and services.