Orders Are Less Inclusive Than _______ and Are More Inclusive

question 64

Multiple Choice

Orders are less inclusive than _______ and are more inclusive than _______.

• A) families; kingdoms
• B) families; phyla
• C) phyla; families
• D) classes; phyla
• E) kingdoms; phyla

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Definitions:

Average Fixed Cost

The costs in production that remain constant regardless of output level, when divided by the produced output quantity.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the excess over the firm's opportunity costs.

Purely Competitive Seller

A market participant who has no control over the price of the product it sells because the market sets the price through supply and demand.

Total Cost

The sum of fixed and variable costs used in producing goods or services.