The economic concept of opportunity cost is most closely associated with which of the following management considerations?
A) market structure
B) resource scarcity
C) product demand
D) technology
Question 2
Average variable cost (AVC)
A) is the variable cost divided by the average sales price of the final good.
B) is the variable cost divided by the quantity of output produced.
C) is equal to average fixed cost (AFC) when no output is produced.
D) is always less than average fixed cost (AFC).
