The Poorest 10 Percent of the U

question 108

Multiple Choice

The poorest 10 percent of the U.S.population earned less than _______ per week in 2013.

• A) $2,500
• B) $1,801
• C) $1,265
• D) $920
• E) $392

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Definitions:

Returns to Scale

The change in output resulting from a proportional change in all inputs used in the production process.

Long-Run Average Cost

is the average cost per unit of output achieved when all factors of production, including capital, are variable, often represented by a curve showing economies of scale.

Production Costs

The expenses incurred in the process of creating a product or service, including materials, labor, and overhead.

Fixed Cost

Expenses that do not change with the level of production or sales.