Values Can Be Classified in Several Ways According to the Book,which

question 1

Multiple Choice

Values can be classified in several ways according to the book,which one of these was not listed.

• A)Absolute and relative
• B)Intrinsic and extrinsic
• C)Traditional and prophetic
• D)Instrumental and terminal

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Definitions:

Economic Profits

The difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.

Fixed Costs

Costs that do not change with the level of output produced by a firm, such as rent and salaries.

Variable Costs

Expenses that change in proportion to the production output or sales volume of a company.

AVC

Average Variable Cost, calculated by dividing the total variable costs by the quantity of output produced.