Most Economic Graphs Have Two Lines Perpendicular to Each Other

question 134

Multiple Choice

Most economic graphs have two lines perpendicular to each other.Where these lines met is called the

• A) origin.
• B) y-axis.
• C) x-axis.
• D) variable.
• E) point of beginning.

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Definitions:

Total Variable Cost

The sum of all costs that vary with output level, including expenses such as labor and raw materials, but not fixed costs like rent.

Output

The total amount of goods or services produced by an individual, firm, or country.

Average Fixed Costs

The total fixed expenses of a business divided by the quantity of units produced, decreasing as production increases.