When Faced with All Available Alternatives,the Consumer Will Select the One

question 53

Multiple Choice

When faced with all available alternatives,the consumer will select the one that is ranked the highest.This principle is called

• A) The choice principle
• B) The ranking principle
• C) The consumption principle
• D) The more-is-better principle

Analyze and calculate average fixed, variable, and total costs.

Determine how production quantities affect cost measures.

Recognize the relationship between short-run and long-run average total costs.

Evaluate the impact of capital addition on worker productivity and variable costs.