The Counting Rule That Is Used for Counting the Number

question 44

Multiple Choice

The counting rule that is used for counting the number of experimental outcomes when n objects are selected from a set of N objects where order of selection is important is called

• A)permutation
• B)combination
• C)multiple step experiment
• D)None of these alternatives is correct.

---

Definitions:

Economic Profit

The total revenue minus explicit and implicit costs; it represents additional income over what could be earned in the next best alternative.

Average Total Cost

This refers to the total cost of production divided by the number of units produced, representing the cost per unit.

Marginal Cost Curve

A graph that shows the relationship between the marginal cost of producing an additional unit of a good or service and the quantity produced.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable on another.