When an Industry Is Described as a Decreasing-Cost, Increasing-Cost, or Constant-Cost

question 51

Multiple Choice

When an industry is described as a decreasing-cost, increasing-cost, or constant-cost industry, the "cost" that is being referred to is

• A)marginal cost.
• B)average total cost.
• C)average variable cost.
• D)sunk cost.
• E)fixed cost.

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Definitions:

Subtropics

Regions of the Earth located immediately north and south of the tropics, characterized by hot summers, mild winters, and relatively high humidity.

Arid Lands

Regions characterized by extremely dry conditions, insufficient rainfall, and limited water resources, supporting sparse vegetation.

Greenhouse

Refers to the trapping of the sun's warmth in a planet's lower atmosphere due to the presence of greenhouse gases, leading to an increase in temperature.

Atmospheric

Related to or occurring within the Earth's atmosphere, involving aspects like weather, climate, and air quality.