John Has Two Hours of Free Time This Evening

question 377

Multiple Choice

John has two hours of free time this evening. He ranked his alternatives, first go to a concert, second go to a movie, third study for an economics exam, and fourth answer his e -mail. What is the opportunity cost of attending the concert for John?

• A) attending a movie, studying for an economics exam, and answering his e-mail
• B) answering his e-mail
• C) attending a movie
• D) studying for an economics exam

Appreciate the importance of labor and material costs in the pricing and profitability analysis.

Describe strategic pricing methods such as skimming and penetration pricing.

Understand the influence of market forces and competition on pricing decisions.

Understand the factors influencing product mix decisions and their impact on management strategy.

---

Definitions:

Revolutionary

Related to or involving dramatic and wide-reaching change, especially in social or political structures.

Digital Communications

The transmission of information through digital channels or devices, including the internet, mobile phones, and social media platforms.

Discontinuous Innovation

Refers to breakthrough advancements that significantly change the market dynamic or consumer behavior, introducing a new category of products or services.

Cultural Categories

The classifications within a culture that help to differentiate between various social norms, practices, and beliefs.