Match the Following Terms with Their Definitions

question 109

Multiple Choice

Match the following terms with their definitions.
-Greatest common divisor

• A)Equivalent to the original but with larger numbers
• B)Numerator is less than denominator
• C)Smallest nonzero whole number all denominators divide into
• D)Bottom part of fraction
• E)Top of fraction
• F)Numerator is equal to or greater than the denominator
• G)A reducing method when multiplying or dividing fractions
• H)Number divisible only by itself and 1
• I)Expresses a part of a whole number
• J)Largest possible number that divides evenly into both parts of fraction
• K)Whole number and a proper fraction
• L)No number (except 1)divides evenly into both parts of fraction
• M)Interchanging denominator and numerator

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to the size, output, or scale of their operation, with costs per unit of output generally decreasing with increasing scale.

Long-Run Average Cost

The per unit cost of production when all factors of production are variable, typically representing the most efficient level of production over time.

Average Fixed Cost

It measures the fixed expenses per unit of production, highlighting efficiency gains as production scales up, typically declining as output expands.

Total Variable Cost

The total of all costs that vary with the level of output, including materials, labor, and other expenses that increase as production increases.