Charles Darwin, the Biologist Who Proposed the Theory of Evolution

question 48

Multiple Choice

Charles Darwin, the biologist who proposed the theory of evolution, was ____.

• A)American
• B)British
• C)Dutch
• D)Australian

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Definitions:

Variable Costs

These vary with output. When output rises, variable costs rise; when output declines, variable costs fall.

Break-Even Points

The production level or point in sales at which total revenues equal total expenses, resulting in neither profit nor loss.

Shutdown Point

The level of operations where a company's revenue from goods or services sold just covers its variable costs, beyond which it becomes more cost-effective to halt production.

Short Run

A period in which at least one input, such as plant size or capital, is fixed and cannot be varied to change output levels.