Which of the Following Are Classified as Commodities for the Purpose

question 52

Multiple Choice

Which of the following are classified as commodities for the purpose of futures contracts?
I.Silver
II.Wheat
III.Weather derivatives

• A)I, II
• B)II, III
• C)I, III
• D)I, II, III

---

Definitions:

Short-run Cost Function

An economic formula that describes how production costs change in the short term with varying levels of output, assuming some inputs are fixed.

Average Cost

The cost per unit of output, calculated by dividing total costs by the total quantity of output produced.

Ovens

Cookery appliances designed for baking, roasting, and heating food through the application of direct or indirect heat.

Economies of Scope

Cost advantages that enterprises obtain through diversification and the production of a variety of goods rather than specializing in a single product.