Refer to Map 8-1 on Page 244

question 48

Multiple Choice

Refer to Map 8-1 on page 244.Based on this map, which of the following statements is most accurate?

• A) In the Middle Ages all of continental Europe was linked by trade networks.
• B) Russia remained outside of European trade networks.
• C) Trade routes on land took more time than trade routes via water.
• D) Trade routes via water were restricted to the Mediterranean.

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Definitions:

Marginal Cost

The escalation in cumulative price involved in fabricating one extra unit of a product or service.

Average Revenue

The amount of income generated per unit of sale or service offered, calculated by dividing total revenue by the number of units sold.

Profit Maximizes

The process by which a firm determines the price and output level that leads to the highest profit.

Average Total Cost

The per unit cost of production, calculated by dividing total cost by the quantity of output produced.