The Powers of the Interstate Commerce Commission Were Transferred to

question 30

Multiple Choice

The powers of the Interstate Commerce Commission were transferred to

• A) the Civil Aeronautics Board.
• B) the National Highway Transportation Safety Board.
• C) a blind trust.
• D) the Surface Transportation Board.

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Definitions:

AVC Curve

The Average Variable Cost (AVC) Curve graphically represents how the cost per unit changes as the level of output is altered, typically showing a U-shaped curve due to economies and diseconomies of scale.

MC Curve

Marginal Cost Curve, which depicts the change in total cost that arises when the quantity produced is incremented by one unit.

AVC Curve

Stands for Average Variable Cost Curve, a graphical representation that shows the average variable costs of production at different levels of output.

ATC Curves

The graphical representation of the relationship between average total costs and output levels in the short run for a firm.