The Minoans

question 39

Multiple Choice

The Minoans:

• A) remained isolated politically and economically from the rest of the ancient world.
• B) were civil servants in a redistributive economy, not warriors.
• C) wrote tablets in Linear A to record their economic transactions.
• D) can be identified as non-Greek allies of the Hittites and Egyptians.
• E) were a warrior people who conquered most of the eastern Mediterranean.

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Definitions:

Marginal Cost

The amount needed to generate one more unit of a good or service.

Average Total Cost

The overall expense of manufacturing, when dispersed across the number of products made, encompassing both constant and fluctuating expenses.

Average Variable Cost

The sum of all costs that fluctuate with production volume, divided by the total amount of goods produced.

Long Run

A period in which all factors of production and costs are variable, allowing for full adjustment to changes.