The Plural of Axilla (Armpit)is ____________,Whereas the Plural of Appendix

question 14

Multiple Choice

The plural of axilla (armpit) is ____________,whereas the plural of appendix is ___________.

• A) axillae;appendices
• B) axillides;appendages
• C) axillies;appendi
• D) axilli;appendices

Identify the conditions under which average costs fall or rise due to marginal costs.

Recognize the reasons behind the shape of average cost curves.

Differentiate between diminishing returns to scale and decreasing returns to scale.

Understand factors leading to diminishing marginal returns.

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Definitions:

Total Costs

The complete sum of expenses for the creation of goods or the delivering of services, including both unchanging and variable costs.

Total Revenue

The overall revenue produced from selling goods or services prior to subtracting any expenses.

Maximum Economic Profits

The highest level of profit achievable by a firm operating in a perfectly competitive market, where marginal cost equals marginal revenue.

Short-Run Equilibrium

A state in which supply and demand are balanced at a particular price level within a short timeframe, before any significant external changes can occur.