The Following Quote Appears at the Start of the Chapter

question 2

Multiple Choice

The following quote appears at the start of the chapter. "There are in fact no masses; there are only ways of seeing people as masses." Who said that?

• A) Raymond Williams, Cultural Philosopher
• B) Thomas Edison, Inventor
• C) Thomas Mann, Author and Philosopher
• D) Jay Leno, Television Personality

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Definitions:

Physical Capital

Tangible assets used in the production of goods and services, such as machinery, buildings, and equipment.

Short Run

A period in economics during which at least one input is fixed while others are variable.

Average Total Costs

The total cost of production divided by the quantity of output produced. It reflects the per-unit cost of production.

Physical Capital

Tangible assets that are used in the production process, such as machinery, buildings, and equipment.