FIGURE 11-6 -The Consumers Represented by "A" in Figure 11-6 Above Are

question 146

Multiple Choice

FIGURE 11-6
-The consumers represented by "A" in Figure 11-6 above are called _________.

• A)innovators
• B)late majority
• C)early majority
• D)early adopters
• E)laggards

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Definitions:

Total Fixed Costs (TFC)

The sum of all costs that remain constant regardless of the level of production or output in the short run.

Average Fixed Cost

The fixed costs of production divided by the total units of output, which decreases as production increases.

Total Cost

The complete cost of production, combining both fixed and variable costs.

Total Variable Cost

Total Variable Cost is the sum of all costs that vary with the level of production, such as materials and labor directly involved in the production.