A Decrease in the Price of a Fixed Factor of Production

question 486

Multiple Choice

A decrease in the price of a fixed factor of production decreases total cost and

• A) increases marginal cost.
• B) leaves marginal cost unchanged.
• C) decreases marginal cost.
• D) increases variable cost.

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Definitions:

Raw Scores

A raw score is the initial, unadjusted score obtained directly from the number of questions answered correctly on a test or assessment.

Test-retest Reliability

The consistency of test scores obtained by the same individuals over successive administrations of the same test.

Percentile

A statistical measure indicating the value below which a given percentage of observations in a group of observations fall.

Internal Consistency

A measure of the reliability of a test or scale, assessing whether items that propose to measure the same general construct produce similar scores.