When the value of the British pound changes from $1.25 to $1.50, the pound has ________ and the U.S. dollar has ________

Average variable costs equal

A) total variable costs divided by marginal costs. B) total variable costs divided by output. C) the change in marginal costs from producing another unit of output. D) output divided by the change in total costs.

The legal concept of limited liability is important in which of the following types of business organizations?

A. Partnerships B. Monopolies C. Corporations D. Sole proprietorships