When We Rank an Individual's Values in Order of Their

question 69

Multiple Choice

When we rank an individual's values in order of their ________, we obtain the person's value system.

• A) intensity
• B) content
• C) context
• D) fluidity
• E) flexibility

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Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of operation and output increases.

Diseconomies of Scale

The phenomenon when a firm experiences increased costs per unit of output due to inefficiencies associated with scale of production, contrary to economies of scale.

Long-run ATC

Referring to the average total cost of production when all inputs, including capital, are variable over a longer period.

Average Fixed Costs

When the production expenses that stay uniform, regardless of production levels, are divided by the number of goods produced.