Match Each Following Terms with Their Correct Description from the Items

question 94

Multiple Choice

Match each following terms with their correct description from the items listed below.
-Can be changed by management

• A)Committed fixed cost
• B)Discretionary fixed cost
• C)Mixed cost
• D)Step cost

Assess the effects of automation on employment and production costs.

Differentiate the causes and outcomes of employment discrimination.

Understand the consequences of employment discrimination on wages and economic efficiency.

Compare wage differentials across different groups of workers and the factors contributing to them.

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Definitions:

Average Cost

Average cost, also known as unit cost, is the total cost of production divided by the number of units produced.

Maximize Profits

A business goal to achieve the highest possible profit by optimizing sales revenue and minimizing costs.

Constant Marginal

Pertains to a situation where the additional cost or benefit of producing one more unit of a good or service remains unchanged.

Average Cost

The sum of all production expenses divided by the amount of product made.