The Use of Broad Terms to Explain Ideas or Concepts

question 15

Multiple Choice

The use of broad terms to explain ideas or concepts is called

• A) generalizations.
• B) vague language.
• C) regulative rules.
• D) abstractions.

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Definitions:

ATC Curve

Average Total Cost Curve; a graph that shows the per-unit cost of production at every level of output.

AVC Curve

Average Variable Cost Curve, it represents the change in variable cost associated with producing more units of a good or service.

Variable Input

An input in the production process that can be altered in the short term to adjust the level of output.

Output

Output is the total amount of goods and services produced by an economy or business over a set period, quantifying productivity and economic activity.