Which Title Is Used to Denote Members of the Privy

question 54

Multiple Choice

Which title is used to denote members of the Privy Council?

• A) Sir or Madam
• B) Sir or Lady
• C) Honourable
• D) Right Honourable

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Definitions:

Marginal Cost

The added expenditure resulting from creating an additional product or service unit.

Long Run

A period of time in which all factors of production and costs are variable, allowing all inputs to be adjusted.

Zero Economic Profit

A situation where total revenues are exactly equal to total costs, indicating no supernormal profit beyond the normal rate of return.

Marginal Cost

The increase in total production cost that comes from making or producing one additional unit of a good.