The First Association in the United States Was Formed in Rhode

question 24

Multiple Choice

The first association in the United States was formed in Rhode Island in the 18th centuries and was comprised of which group?

• A)Bankers
• B)Candle makers
• C)Teachers
• D)Restaurateurs

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Definitions:

Variable Costs

Costs that vary directly with the level of production or business activity, such as materials and labor used in the production of goods.

Fixed Costs

Costs that do not vary with the level of output or sales in the short term, such as rent, salaries, or loan payments.

Long Run

A period of time in economics in which all factors of production and costs are variable, allowing all inputs to be adjusted.

Output

The total amount of goods or services produced by a company, industry, or economy within a specified period.