Exhibit 7-15 Long-Run Average Cost

question 122

Multiple Choice

Exhibit 7-15 Long-run average cost

Given the short-run average total cost curves in Exhibit 7-15, what level of output per week minimizes average total cost?

• A) 500 units.
• B) 1,000 units.
• C) 1,500 units.
• D) 2,000 units.

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to what is considered normal or socially acceptable in a given group or society.

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A measure of the contentment one feels within a relationship, often considered an important factor in its longevity and success.

Conformity

Adopting attitudes, behaviors, and beliefs to conform to the norms of a group or the standards set by society.