The Average Number of Calories and Amount of Sugar and Fat

question 87

Multiple Choice

The average number of calories and amount of sugar and fat consumed by Americans __________.

• A) sharply increased after 1970
• B) is lower today than it was in 1980
• C) has slowly decreased since the turn of the twenty-first century
• D) fell steadily in the late twentieth and early twenty-first centuries

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Definitions:

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in other words, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.

Long-Run

A period of time in economics during which all factors of production and costs are variable, allowing for complete adjustment to changes.

Average Total Cost

The sum of average variable costs and average fixed costs, or simply the total cost divided by the quantity of output produced.

Constant-Cost Industry

An industry in which the entry and exit of firms have no effect on the prices firms in the industry must pay for resources and thus no effect on production costs.