Average Total Cost Equals

question 3

Multiple Choice

Average total cost equals:

• A)change in total costs / change in quantity produced
• B)(fixed costs + variable costs) / change in quantity produced
• C)change in total costs / quantity produced
• D)(fixed costs + variable costs) / quantity produced

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Definitions:

Unanimous Decision

An agreement on a course of action or decision by all parties or members involved without any dissent.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony in a decision-making group overrides a realistic appraisal of alternatives.

Bay Of Pigs

The site of a failed military invasion of Cuba in 1961 by Cuban exiles backed by the U.S. government aiming to overthrow Fidel Castro.

Groupthink

A psychological phenomenon that occurs within a group of people, in which the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.