The Years 2014-2016 ______

question 12

Multiple Choice

The years 2014-2016 ______.

• A) produced three record-breaking high heat averages in a row
• B) were the three wettest years on record
• C) were the three driest years on record
• D) produced three record-breaking low heat averages in a row

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Definitions:

ATC

Average Total Cost, the total cost divided by the quantity of output produced; it's a measure of per-unit production cost.

MC

Short for marginal cost, it represents the change in total cost that arises when the quantity produced is incremented by one unit.

Herfindahl Index

An economic measure of market concentration, calculated by summing the squares of the market shares of all competitors within an industry.

Industry Concentration

A measure of the extent to which a small number of firms dominate the total production, sales, or market share in an industry.