What Term Is Used to Refer to the Size of Current

question 18

Multiple Choice

What term is used to refer to the size of current users who are already using a particular product at the time of forecast?

• A)target market
• B)penetrated market
• C)market potential
• D)test market

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Definitions:

Marginal Cost

Marginal cost is the change in total production cost that arises when the quantity produced is incremented by one unit.

Variable Inputs

Inputs in production that can be adjusted based on the production volume, including labor hours and raw materials, distinguishing them from inputs that remain constant.

Labor

The effort involving both bodily and intellectual activities applied in generating goods and services.

AVC

Average Variable Cost, the total variable cost divided by the quantity of output produced.