In Economics,which of the Following Is Considered "Land

question 168

Multiple Choice

In economics,which of the following is considered "land"?

• A) A 500 acre forest.
• B) bauxite deposits.
• C) underground pools of crude oil.
• D) All of the above except a. are considered land.

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Definitions:

Average Fixed

Assuming it's intended as "Average Fixed Costs," it is the fixed costs divided by the quantity of output, representing the cost per unit that does not change with the level of production.

Average Total

Typically refers to the average total cost, which is the total cost of production divided by the number of goods produced.

Total Variable

Expenses that change in proportion to the activity of a business, such as costs of goods sold, which vary with the level of production or sales volume.

Average Variable Cost

The variable costs of production (costs that change with output level) divided by the quantity of output, indicating the average variable cost per unit.