The "Top Three" at a Racetrack Consists of Picking the Correct

question 22

Multiple Choice

The "Top Three" at a racetrack consists of picking the correct order of the first three horses in a race. If there are 10 horses in a particular race, how many "Top Three" outcomes are there?

• A) 302,400
• B) 720
• C) 1,814,400
• D) 10

---

Definitions:

Fixed Cost

Expenses that do not change with the level of production or output within a certain range or period.

Variable Cost

Costs that vary directly with the level of production or output, such as materials and labor.

Operating

The day-to-day activities or functions necessary for a business or organization to run effectively and efficiently.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which there are many substitutes.