Most of the Rules Regulating Marketing and Selling to Consumers

question 52

Multiple Choice

Most of the rules regulating marketing and selling to consumers can now be found in:

• A)the Australian Consumer Law ('ACL') enacted in 2010.
• B)the Trade Practices Act 1873.
• C)the Australian Securities and Investments Commission Act 2001 (Cth).
• D)the Sale of Goods Act 1893 (Cth).

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Definitions:

Shutting Down

The short-run decision by a firm to cease production due to market conditions, though it may resume operations in the future.

Variable Cost

Costs that vary in proportion to the level of production or business activity.

Total Revenue

The full amount of income generated by the sale of goods or services before any expenses are subtracted.

AVC Curve

The Average Variable Cost (AVC) Curve graphically represents how the cost per unit changes as the level of output is altered, typically showing a U-shaped curve due to economies and diseconomies of scale.