What Are the Three Categories of Business Customs

question 51

Multiple Choice

What are the three categories of business customs?

• A) rigid, flexible, and negotiables
• B) internals, externals, and consensual customs
• C) imperatives, electives, and exclusives
• D) national, foreign, and international
• E) unilateral, bilateral, and multilateral

Interpret the effects of input increases on average and marginal costs.

Comprehend the relationship between the scale of production and long-run average cost curve shapes.

Understand the impact of scale changes on total, average, and marginal costs.

Recognize conditions for long-run equilibrium in constant cost industries.

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Definitions:

Cl

The symbol for chlorine, a chemical element with atomic number 17, known for its use as a disinfectant and in the manufacture of numerous products.

Tetrahedral Geometry

A molecular shape where a central atom is surrounded by four atoms at the corners of a tetrahedron.

Carbons

The chemical element with the atomic number 6, known for its ability to form a vast number of compounds, including organic compounds, due to its four valence electrons.

Tetrahedral Geometry

A molecular shape where a central atom is surrounded by four atoms or groups of atoms at the corners of a tetrahedron.