Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 20: Problem 31

Which of the following is the most accurate statement? (LO1,8) a) Virtually no one getting married thinks that considering whether or not to have a large wedding is mainly an economic decision. b) Most American families holding large weddings get by for less than \(\$ 2,000\). c) When making a wedding, it is impossible to think in terms of fixed costs and variable costs. d) Whether to hold a wedding in city hall or in a wedding hall is at least partially an economic decision.

Short Answer

Expert verified
The most accurate statement is (d) Whether to hold a wedding in city hall or in a wedding hall is at least partially an economic decision.

Step by step solution

01

Consider Statement a

Virtually no one getting married thinks that considering whether or not to have a large wedding is mainly an economic decision. This statement assumes that people getting married do not consider the economic aspect of their decision. However, economics can play a role in the size and scale of a wedding.
02

Consider Statement b

Most American families holding large weddings get by for less than $2,000. This statement implies that large weddings can be quite affordable for most families. However, without any specific data, it is difficult to determine the accuracy of this statement. This statement might be true for some families, but not for others.
03

Consider Statement c

When making a wedding, it is impossible to think in terms of fixed costs and variable costs. This statement seems to be inaccurate, as fixed costs (such as venue rent) and variable costs (such as catering costs per guest) are common considerations when budgeting for a wedding.
04

Consider Statement d

Whether to hold a wedding in city hall or in a wedding hall is at least partially an economic decision. This statement connects the choice of venue to economic factors, such as cost and budget. It seems reasonable, as couples often evaluate different options for their wedding based on their financial situation.
05

Compare Statements and Determine the Most Accurate

Comparing all four statements, we can see that statement (d) appears to be the most accurate. It acknowledges that economics plays a role in the decision-making process for wedding events, without making broad generalizations or oversimplifications like the other statements. So, the most accurate statement is: (d) Whether to hold a wedding in city hall or in a wedding hall is at least partially an economic decision.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

The decision to shut down is made in __________ (LO8) a) both the short run and the long run b) neither the short run nor the long run c) the long run d) the short run

\(\mathrm{Al}\) and George's used car lot has total revenue of \(\$ 5\) million, fixed costs of \(\$ 8\) million, and variable costs of \(\$ 4\) million. In the short run the firm will__________ and in the long run it will \((\mathrm{LO8})\)__________ a) shut down, go out of business b) shut down, stay in business c) operate, stay in business d) operate, go out of business

In Figure 1 , if you want to produce an output of 100 , in the long run you will choose a plant whose size is represented by __________\((\mathrm{LO8})\) a) \(\mathrm{ATC}_{1}\) b) \(\mathrm{ATC}_{2}\) c) \(\mathrm{ATC}_{3}\) d) \(\mathrm{ATC}_{4}\) e) \(\mathrm{ATC}_{5}\)

When output is 0 , fixed cost is __________ and variable cost is __________ (LO1) a) 0,0 b) 0 , more than 0 c) more than 0,0 d) more than 0 , more than 0

Average variable cost is found by dividing __________ (LO4) a) variable cost by output b) output by variable cost c) marginal cost by output d) output by marginal cost
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free