If Your Farm Had the Only Known Source of a Rare

question 64

Multiple Choice

If your farm had the only known source of a rare cocoa bean needed to make chocolate- covered peanuts, your monopoly would result from:

• A)control of a scarce resource or input.
• B)technological superiority.
• C)increasing returns to scale.
• D)government-created barriers.

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Definitions:

Revenue

The total amount of money received by a company from its sales of goods or services, before any expenses are subtracted.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, allowing for more accurate budgeting and analysis.

Employee Salaries And Wages

Compensation paid to employees for their services, including both fixed salaries and hourly wages.

Planning Budget

A planning budget is a financial plan that estimates the revenue and expenses for a specific period, typically used as a guide for spending and saving.