If Peanuts Serve as a Medium of Exchange,a Unit of Account,and

question 82

Multiple Choice

If peanuts serve as a medium of exchange,a unit of account,and a store of value,then peanuts are

• A)bank deposits.
• B)reserves.
• C)money.
• D)loanable funds.

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Definitions:

Variable Cost

Costs that vary directly with the level of output or production volume, such as materials and labor expenses.

Average Variable Cost

The total variable costs incurred by a firm divided by the quantity of output produced.

Marginal Cost

The extra cost resulting from the manufacture of an additional unit of a product or service.

Average Fixed Cost

The total fixed costs of production divided by the quantity of output produced, indicating how fixed costs dilute with increased production.