When Applying for a Part-Time Job at the Local Supermarket

question 12

Multiple Choice

When applying for a part-time job at the local supermarket Bob was given a test to determine how well he would bag groceries.The next week Bob took the SAT in order to satisfy a college admissions requirement.The test at the supermarket was a measure of _____ validity whereas the SAT was a measure of _____ validity.

• A)concurrent; predictive
• B)predictive; concurrent
• C)construct; predictive
• D)content; concurrent

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Definitions:

Long-Run Average Cost Curve

A graphical representation showing the minimum cost per unit at which a firm can produce any given level of output in the long run when all inputs are variable.

Diseconomies of Scale

The phenomenon where, as a firm becomes too large, its costs per unit increase due to inefficiencies, leading to a decrease in overall productivity or cost-effectiveness.

Long-Run Average Cost Curve

A graphical representation used in economics to show the lowest average cost of production at which any given level of output can be produced in the long run, when all inputs are variable.

ATC

Average Total Cost, which refers to the total cost per unit of output produced, calculated by dividing the total cost by the quantity of output.