Which of the Following Statements Is TRUE

question 73

Multiple Choice

Which of the following statements is TRUE?

• A)New York City buses do not accommodate the disabled.
• B)Taxpayers would have lost money if New York City had paid disabled people to use taxis rather than
• Retrofitting city buses for wheelchair
• Ramps.
• C)New York City buses are capable of accepting passengers in wheelchairs.
• D)New York City would have saved money if buses were used to transport the disabled rather than
• Taxicabs.

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Definitions:

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, where marginal revenue equals marginal cost.

Short Run

A period in economic theory during which some factors of production are fixed, and only some variables, typically labor or raw materials, can be adjusted.

Average Total Cost

The total cost divided by the number of units produced, representing the cost per unit of output.

Fixed Costs

Costs that remain constant regardless of the level of production or business activity.