Instructions: Each Topic Sentence Below Is Followed by Supporting Details

question 944

Multiple Choice

Instructions: Each topic sentence below is followed by supporting details. Select the letter of the answer that arranges each group of details according to space order. Describe a giraffe. ____ long, knobby-kneed legs that can kick with great force ____ pair of short, bony horns atop head ____ body covered with a coat of brown spots outlined in cream ____ graceful, 4-foot-long neck for munching leaves ____ tongue up to 21 inches long

• A) 5, 1, 4, 3, 2
• B) 4, 2, 5, 3, 1
• C) 1, 3, 2, 5, 4

Grasp the role of economics in analyzing decision-making by individuals and societies.

Understand the concept of opportunity cost in different scenarios.

Differentiate between major-specific job market outcomes during economic fluctuations.

Identify factors contributing to market efficiency.

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Definitions:

Operating Cost

Expenses associated directly with the day-to-day running of a business, including costs for materials, labor, and utilities.

Value-Based Pricing

A pricing strategy where the price of a product or service is determined by the perceived value it brings to the customer rather than its cost of production or market competition.

Absorption Costing

An accounting formula that rolls in every cost incurred in manufacturing—direct materials, direct labor, and both variable and fixed manufacturing overhead—into the product’s final cost.

Markup

The amount added to the cost price of goods to cover overhead and profit, expressed as a percentage of the cost.