The Organization That Is MOST-Likely to Decide When New Oil

question 18

Multiple Choice

The organization that is MOST-Likely to decide when new oil specifications are needed is the:

• A)AAMA
• B)API
• C)ILSAC
• D)SAE

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Definitions:

Rental Price

The cost paid periodically by a lessee to use the assets of another entity.

Marginal Product

The additional output that is produced by using one more unit of a factor of production, all other inputs remaining constant.

Profit

Total revenue minus total cost.

Diminishing Marginal Product

The principle that as more of a variable input is added to a fixed input, the additional output produced from each new unit of input will eventually decrease.