Life Cycle Assessment Refers To: I

question 3

Multiple Choice

Life cycle assessment refers to: I. evaluating all the activities involved in the design, development, production, sale, transportation, and disposal of a product or service
II. is often referred to as cradle to grave
III. involves summing the costs of the activities throughout both internal and external value chains

• A) I and II only
• B) II and III only
• C) I and III only
• D) I, II, and III

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Definitions:

VMPL

The Value of Marginal Product of Labor, which represents the additional revenue generated by employing one more unit of labor.

Profit

The financial gain realized when the amount of revenue gained exceeds the expenses, costs, and taxes needed to sustain the operation.

Marginal Productivity

The additional output that can be produced by adding one more unit of a specific input, keeping all other inputs constant.

Perfectly Competitive

A type of market where numerous small firms compete against each other offering products that are virtually interchangeable and where no single company can dictate the market price.