A Tourist in France Wants to Visit 7 Different Cities $\frac { 1 } { 7 }$

question 49

Multiple Choice

A tourist in France wants to visit 7 different cities. If the route is randomly selected, what is the probability that she will visit the cities in alphabetical order?

• A) \(\frac { 1 } { 7 }\)
• B) \(\frac { 1 } { 49 }\)
• C) \(\frac { 1 } { 5040 }\)
• D) 5040

Distinguish between different types of costs and their implications for pricing and production decisions.

Understand the relationship between cost curves and production efficiency.

Understand the importance of reliability and validity in psychological assessments.

Recognize the different types of validity (face, predictive, concurrent) and reliability (interrater, test-retest) in assessment tools.

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Definitions:

AVC Curve

The Average Variable Cost curve, in economics, represents how the variable cost per unit changes with the level of output.

AFC Curve

Average Fixed Costs curve; a graphical representation showing the average fixed costs of producing different levels of output, which typically decreases as output increases.

MC Curve

The marginal cost curve, which graphs the cost of producing one more unit of a good or service, showing how marginal cost varies with the quantity produced.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the total quantity of output produced.