The Arithmetic Average Is the Most Widely Used Measure of Central

question 48

Multiple Choice

The arithmetic average is the most widely used measure of central tendency;it is also called what?

• A)mode
• B)central tendency average
• C)median
• D)mean

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Definitions:

Average Variable Cost

The cost per unit of variable inputs divided by the total quantity of output produced.

Variable Cost

Costs that change in proportion to the good or service that a business produces.

Quantity of Output

The total amount of goods or services produced by a firm or economy over a specific period.

Total Cost

The total expenses involved in creating goods or services, encompassing both constant and changeable costs.