________ Is the Process by Which People Recognize Opportunities to Satisfy

question 23

Multiple Choice

________ is the process by which people recognize opportunities to satisfy needs and then gather and use resources to meet those needs.

• A) Moonlighting
• B) Benchmarking
• C) Entrepreneurship
• D) Social loafing

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Definitions:

Total Fixed Costs

The overall sum of all costs that do not change with the level of output, such as rent, salaries, and insurance.

Total Costs

The aggregate expense incurred in the production and delivery of goods or services, combining direct, indirect, fixed, and variable costs.

Total Variable Costs

This represents the sum of all costs that vary with the level of output in the production process, such as materials and labor directly involved in making a product.

Average Fixed Costs (AFC)

The fixed costs of production (not varying with output) divided by the quantity of output produced; typically decreases as production increases.