In 2013,the Average CEO of a Company in the Standard

question 19

Multiple Choice

In 2013,the average CEO of a company in the Standard and Poor's 500 Index took home more than _____ times as much as the average worker.

• A) 50
• B) 150
• C) 325
• D) 500

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Definitions:

Average Variable Cost

The total variable costs divided by the quantity of output produced; it varies with the level of output.

Long-Run Average Total Cost Curve

A graphical representation showing the relationship between output and average total cost when fixed cost has been chosen to minimize average total cost for each level of output.

Minimum

The lowest allowable or possible amount, level, or point.

Marginal Cost

The amount needed to generate one more unit of a good or service.