Average Total Cost (ATC) Is Calculated as Follows

question 456

Multiple Choice

Average total cost (ATC) is calculated as follows:

• A)ATC = (change in total cost)/(change in quantity of output).
• B)ATC = (change in total cost)/(change in quantity of input).
• C)ATC = (total cost)/(quantity of output).
• D)ATC = (total cost)/(quantity of input).

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Definitions:

Lord North

was the Prime Minister of Great Britain from 1770 to 1782, best known for his leadership during the American Revolution and losing the American colonies for Britain.

Colonial Assemblies

Elected bodies of representatives in the American colonies that voiced local interests, passed laws, and challenged the authority of the British colonial governors.

Townshend Duties

A series of British acts passed in 1767, imposing taxes on the American colonies for imports such as tea, glass, and paper, leading to widespread protest.

Customs Taxes

Taxes imposed by a government on goods that are imported or exported, also known as tariffs, used to control trade and raise revenue.