The Short-Run Average Variable Cost Curve

question 217

Multiple Choice

The short-run average variable cost curve

• A)is always downward-sloping
• B)starts at the origin and always slopes upward
• C)starts above the origin and always slopes upward
• D)is a horizontal line intersecting the vertical axis
• E)slopes downward at low rates of output, then slopes upward at higher rates of output

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Definitions:

Currency

A system of money in general use in a particular country or region, serving as a medium of exchange, unit of account, and store of value.

Arbitrageur

Someone who takes advantage of tiny differences in the exchange rate across markets by simultaneously purchasing a currency in one market and selling it in another market.

Foreign Exchange

Trading one currency for another or transforming one currency into a different currency.

Exchange Rate

The value of one currency for the purpose of conversion to another, indicating how much one country's currency is worth in terms of another's.