Match Each Term with Its Definition

question 16

Multiple Choice

Match each term with its definition.
-This expresses the relationship between two ratios

• A)micro-
• B)deci-
• C)kilo-
• D)numerator
• E)denominator
• 12. 1/1,000,000 of a unit
• F)ratio
• G)proportion
• H)means
• I)extremes

---

Definitions:

Average Total Cost

The total cost of production divided by the quantity produced, representing the per-unit cost of production.

Price-Taker Industry

A sector in which businesses must accept the prevailing prices in the market as they have no influence over setting them.

Marginal Costs

The additional cost incurred by producing one more unit of a product or service.

Average Total Cost

The total cost of production divided by the quantity of output produced.