Consumption-In-Kind

question 27

Multiple Choice

Consumption-in-kind:

• A)is exemplified by services provided and consumed in the household.
• B)is the same as income-in-kind.
• C)is easily determined.
• D)both (a) and (b) are correct.

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Definitions:

Marginal Product

The additional output that is gained by employing one more unit of a factor of production.

Average-Variable-Cost Curve

A graphical representation showing how the average variable cost of production changes as the quantity of output is altered.

Average Variable Cost

The sum of all costs that vary with output levels, divided by the total quantity of produced output.

Average Total Cost

The aggregate expense of manufacturing (comprising both fixed and variable expenditures) divided by the overall amount produced.