-Refer to Exhibit 1-2

question 168

Multiple Choice

-Refer to Exhibit 1-2.Based on the data provided in this table,if these data were plotted in a two-variable diagram the result would be ______________ sloping ____________________.

• A) a downward; (nonlinear)curve
• B) a downward; (straight)line
• C) an upward; (nonlinear)curve
• D) an upward; (straight)line
• E) none of the above

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Definitions:

Producer's Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive.

Marginal Cost Curve

A graph showing the change in total production cost that comes from making or producing one additional unit.

Competitive Firm

A company operating in a market where it has little to no market power, and thus sets its prices based on the market conditions.

Variable Factors

In economics, these are inputs or resources whose quantity can be changed in the short term to adjust the level of output.