The Ability to Collect on a Debt in a Timely

question 221

Multiple Choice

The ability to collect on a debt in a timely manner is due to:

• A) economies of scale.
• B) a good legal system.
• C) a highly educated workforce.
• D) investment in physical capital.

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Definitions:

Elastic

Describes a situation where the demand or supply for a product or service significantly changes in response to price changes.

Marginal Revenue

The supplementary earnings obtained by selling an extra unit of a product or service.

Prices

The charge for acquiring a specific good or service.

Marginal Revenue

The revenue boost a firm experiences from the sale of an additional unit of a product or service.