Match These Terms with Their Correct Definition

question 79

Multiple Choice

Match these terms with their correct definition.
-Occurs when a company determines that an asset is no longer useful

• A)Franchise
• B)Intangible operating assets
• C)Natural resources
• D)Operating assets
• E)Organizational costs
• F)Property, plant, and equipment
• G)Trademark
• H)Voluntary disposal

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Definitions:

Revenue

Revenue refers to the total income generated from the sale of goods or services by a company before any expenses are subtracted.

Elastic Demand

A market condition where the demand for a product or service significantly changes in response to changes in its price.

Long-Run

A period in which all factors of production and costs are variable, allowing companies the flexibility to make changes in production capacity and operations.

Few Substitutes

Refers to a market condition where there are not many alternative products or services available to consumers, which often leads to less competition and higher prices.