The Process of Developing an Approximation of the Cost of the Resources

question 9

Multiple Choice

The process of developing an approximation of the cost of the resources needed to complete project activities is known as:

• A) capital budgeting.
• B) estimate resources.
• C) estimate cost.
• D) activity resourcing.

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Definitions:

Marginal Cost

The extra expense associated with the creation of an additional unit of a product or service.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable, leading to a mismatch in supply and demand.

Demand Curve

A chart that displays the connection between a product's price and the amount of the product buyers are prepared and able to buy at different price levels.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good changes as the production volume changes.