The USService Sector Makes Up Only One-Tenth of the Nation's Economy

question 228

True/False

The U.S.service sector makes up only one-tenth of the nation's economy.

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Definitions:

Short-run Supply

The total quantity of goods or services that producers are willing and able to sell at a given price in a short period.

Economic Profit

Economic profit is the profit from producing goods and services while factoring in the full costs of its resources, including opportunity costs.

Average Total Cost

The total cost divided by the quantity produced, reflecting the per unit cost of production.

Average Variable Cost

The variable cost per unit of output, which includes costs that vary with production, such as materials and labor.