A Demand Curve Is a Graphical Representation of

question 71

Multiple Choice

A demand curve is a graphical representation of

• A)consumer tastes.
• B)relative prices.
• C)a demand schedule.
• D)national income.

---

Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a product or service; it is an important concept in economics for understanding how to optimize production levels.

Long Run

A period of time during which all factors of production and costs are variable, in contrast to the short run where some costs are fixed.

Short Run

A time period in economics where at least one input is fixed, affecting production capacity.

ATC

Average Total Cost refers to the total cost of production divided by the quantity of output produced.