Figure 1-11 (For the Following Questions)

question 49

Multiple Choice

Figure 1-11 (for the following questions)
What does the above image represent?

• A) Universe
• B) galaxy
• C) planet
• D) Solar System
• E) extrasolar planet

---

Definitions:

ATC

Stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced.

Short Run

A period in economics during which some factors of production are fixed, making it impossible for a business to change major production facilities.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.

Output

The cumulative output of goods and services from a company or an economic system.