Write the Ratio as a Fraction in Simplest Form $\frac { 1 } { 3 }$

question 36

Multiple Choice

Write the ratio as a fraction in simplest form.
7 to 21

• A) \(\frac { 1 } { 3 }\)
• B) \(3\)
• C) \(\frac { 21 } { 3 }\)
• D) \(\frac { 7 } { 3 }\)
• E) \(\frac { 7 } { 21 }\)

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Definitions:

Average Fixed Cost

Unchanging production costs relative to output levels, per unit of output produced.

Average Variable Cost

The total variable cost divided by the quantity of output, representing the variable cost per unit of output.

Average Total Cost

The average total cost (ATC) is an economic concept that calculates the total cost of producing a good or service divided by the quantity of output produced. It is used to determine the per-unit cost of production.

Oligopoly

A market structure characterized by a few large firms dominating the industry, often leading to limited competition and potentially higher prices for consumers.