The First Step in the Home-Buying Process Should Be to

question 26

Multiple Choice

The first step in the home-buying process should be to

• A) identify the specific home you want to purchase.
• B) determine a realistic price range of homes you can afford.
• C) compare the cost of buying to renting.
• D) find a good real estate broker.

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Definitions:

Operate

The act of functioning or running a business or machine, carrying out actions necessary for performance.

Average Variable Cost

the total variable cost divided by the quantity of output produced; it shows the variable cost per unit of output.

Short Run

The short run is a period in which at least one factor of production is fixed, limiting the ability of a business to expand or reduce its output.

Shut Down

A temporary choice made by a company to halt manufacturing because of unsuitable market circumstances.