Figure 18.1 Answer the Question Using the Accompanying Figure. of the Fragments

question 23

Multiple Choice

 
Figure 18.1
Answer the question using the accompanying figure. Of the fragments labeled A-D, which is the smallest? ​

• A)​A
• B)​B
• C)​C
• D)​D
• E)it is impossible to tell

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Definitions:

Marginal Costs

The cost incurred by producing one additional unit of a product or service.

Total Variable Cost

The sum of all costs that vary with the level of output in the short run.

Average Fixed Costs

The fixed costs of production (expenses that do not change with the level of output) divided by the quantity of output produced.

Total Fixed Costs

The sum of all costs that do not change with the level of output produced by a business, such as rent, salaries, and insurance.