Average Total Cost Is Equal To

question 142

Multiple Choice

Average total cost is equal to:

• A)average variable cost plus marginal cost
• B)total cost less total output
• C)average fixed cost plus average variable cost
• D)average variable cost divided by total output

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Definitions:

Tariffs

Taxes imposed on imported goods, usually to protect domestic industries or generate revenue for the government.

Quotas

Limits set by governments on the quantity of a specific good that can be imported or exported during a particular time frame.

Tariff

A tax imposed on imported goods, designed to protect domestic industries by making foreign products more expensive.

Domestic Price

The cost of goods or services within a country’s borders, as opposed to international or foreign prices.