Match Each Phrase That Follows with the Term (A-E) It

question 61

Multiple Choice

Match each phrase that follows with the term (a-e) it describes.
-The portion of whole units that are complete with respect to materials or conversion costs

• A)Cost of production report
• B)Equivalent units of production
• C)Manufacturing cells
• D)Yield
• E)Lean manufacturing

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Definitions:

Diminishing Marginal Utility

is an economic principle stating that as a person increases consumption of a product, there is a decline in the additional satisfaction (utility) that person gains from consuming one more unit of the product.

Marginal Utility

The additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a good or service.

Marginal Utility

The increase in satisfaction or utility a consumer experiences from the consumption of one additional unit of a good or service.

Positive Utility

The benefit or satisfaction gained from consuming goods and services, contributing to overall well-being.