The Sum of the Expenses of the Firm That Change

question 43

Multiple Choice

The sum of the expenses of the firm that change with the quantity of the product that is produced and sold is referred to as

• A)fixed cost.
• B)total cost.
• C)marginal cost.
• D)unit cost.
• E)variable cost.

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Definitions:

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time, reflecting a growing economy.

Outward Shift

In economics, refers to the movement of a curve away from the origin on a graph, typically illustrating growth or increase in factors like production possibility frontier or supply curve.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the development of new products or processes.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs.