What Is a Concept

question 3

Multiple Choice

What is a concept?

• A) A general idea
• B) A visible manifestation of a phenomenon
• C) A numerical value that can change for an observation
• D) An indicator

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Definitions:

Marginal Cost

The expense incurred from the manufacture of an additional single unit of a product or service.

Quantity Discount

A reduction in price per unit of a good or service based on the amount of the purchase, used to encourage larger orders.

Aluminum

A lightweight, silvery-white metallic element used broadly in manufacturing and construction due to its strength and corrosion resistance.

Marginal Analysis

An examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.