Since World War II,the Consumer Price Index Has Increased by an Average

question 128

Multiple Choice

Since World War II,the Consumer Price Index has increased by an average of

• A)1.4% per year
• B)2.1% per year
• C)6.4% per year
• D)5.6% per year
• E)3.9% per year

---

Definitions:

ATC

Average Total Cost, which is the total cost of production (fixed plus variable costs) divided by the quantity of output produced.

AVC

Average Variable Cost, which is the variable cost per unit of output, typically considered in the short run.

AFC

Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.

MR

Marginal Revenue, which refers to the additional income generated from selling one more unit of a good or service.