When Developing a Method of Measurement, One Must Be Sure

question 31

Multiple Choice

When developing a method of measurement, one must be sure that the goals are

• A) objective
• B) fair
• C) attainable
• D) measurable

---

Definitions:

Marginal Costs

Marginal Costs represent the change in total cost that arises from producing one additional unit of a good or service.

Average Variable Costs

The cost per unit of variable inputs divided by the total output, indicative of the average amount spent on variable costs per unit of output produced.

TFC

Total Fixed Cost, which is the sum of all costs that remain constant regardless of the level of production or output.

TVC

Total Variable Costs, which are the costs that change with the level of production or service delivery.