If a Resource Is Always Available When Needed, Then It

question 49

Multiple Choice

If a resource is always available when needed, then it

• A)will be more expensive than other resources.
• B)is not scarce.
• C)has a high opportunity cost.
• D)it must be valuable.
• E)is scarce.

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Definitions:

Income and Losses

The total revenues gained minus the expenses and losses incurred by a business over a period, determining net profit or loss.

Accumulated Depreciation

The total amount of depreciation expense that has been charged against a fixed asset since it was acquired, reflecting its loss of value over time.

Equipment

Equipment refers to the tangible assets or tools used in the operation or production process of businesses, which can range from office supplies to heavy machinery.

Fair Market Value

The price at which an asset would trade in an open and competitive market between a willing buyer and a willing seller, both having reasonable knowledge of the pertinent facts.