Figure 7-7   In Figure 7-7 at 100 Units, AVC Equals

question 213

Multiple Choice

Figure 7-7  

In Figure 7-7 at 100 units, AVC equals

• A)8.
• B)800.
• C)100.
• D)1,000.

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Definitions:

Price

The amount of money required to purchase a good, service, or resource.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one could have received by choosing differently.

Pizza

A popular dish of Italian origin, consisting of a flat, round base of dough baked with a topping of tomato sauce and cheese, often with added meat, fish, or vegetables.

Beer

An alcoholic beverage made from barley, hops, water, and yeast through a fermentation process.