In Societies with High Social Inequality,resources Are Controlled by

question 47

Multiple Choice

In societies with high social inequality,resources are controlled by

• A)A majority of people.
• B)Very few people.
• C)The Government.
• D)Religious institutions.

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Definitions:

Average Variable Cost

The cost of each unit variable, determined by dividing the overall variable costs by the produced output quantity.

Diseconomies of Scale

The phenomenon where production costs per unit increase as a firm's production increases.

Diminishing Returns

A principle stating that as more of a variable input is added to a fixed input, beyond some point, the additional output from the additional input will decrease.

Marginal Cost

The financial outlay required to create another unit of a good or service.