The Ratio of the Change in the Variable on the Vertical

question 29

Multiple Choice

The ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis,measured between two points on the curve,is the:

• A)axis.
• B)slope.
• C)dependent variable.
• D)independent variable.

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Definitions:

ATC Curves

Graphical representations showing the average total cost of production at different levels of output.

Demand Curve

A graph that illustrates the relationship between the price of a good or service and the quantity demanded by consumers at various prices, typically sloping downward from left to right.

Cost Functions

Mathematical relationships that express how a firm’s costs depend on the quantity of output it produces.

Economic Profits

The surplus or profits generated by a firm after accounting for both explicit and implicit costs.