Functions Can Be ____

question 24

Multiple Choice

Functions can be ____.

• A) incorporated as part of larger formulas
• B) placed inside another function
• C) either a.or b.
• D) neither a.nor b.

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Definitions:

Implicit Costs

The opportunity costs that are not directly paid for or incurred during the production of a good or service.

Average Total Cost

The complete expenditure of manufacturing (incorporating steady and fluctuating expenses) divided by the aggregate volume of goods produced.

Output

The total quantity of goods or services produced by a company, sector, or economy within a given period.

Revenues

The total income generated by a business or an economy from its operational activities, such as the sale of goods or services before any expenses are deducted.