To Measure Something Is to Say How It Compares with Other

question 45

Multiple Choice

To measure something is to say how it compares with other things on some scale of __________.

• A) variation
• B) classification
• C) society
• D) quality

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Definitions:

Average Cost

The total cost of production divided by the number of goods produced, representing the cost per unit of output.

Marginal Revenue

The additional income that is gained from selling one more unit of a product or service.

Consumer Surplus

The discrepancy between the total sum consumers are prepared and capable of paying for a good or service, and the total sum they end up paying.

Profit Maximize

The method through which a company identifies the optimal pricing and production volume to maximize its profits.