Lauren Wants to Create an Access Database of the Musical

question 16

Multiple Choice

Lauren wants to create an Access database of the musical instruments she owns.A Purchase Price field should be which data type?

• A)Text
• B)Number
• C)Monetary
• D)Currency

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Definitions:

Price

The amount of money or compensation commanded by something in a market; the cost at which something is bought or sold.

Factor Price

The payment for the use of a factor of production, such as labor wages, rent for land, or interest for capital.

Production Function

A mathematical representation outlining how inputs are transformed into outputs in a production process.

Profit-maximizing

The business objective of achieving the highest possible profit from operations, achieved by balancing costs and revenues.