Scenario: a Firm Wants to Set Up a Factory

question 53

Multiple Choice

Scenario: A firm wants to set up a factory. It has four different options. The rent of the factory in each of the four different locations and the time taken to transport the product from each location to the market is shown in the table below. The opportunity cost of time is $10 per hour.

-Refer to the scenario above.Which is the optimum location for the firm to set up its factory?

• A) Far
• B) Very Far
• C) Close
• D) Very Close

Recognize the significance of corporate social responsibility and the various ways businesses can engage with the community.

Understand the role of government agencies in protecting consumer rights and the specific functions of these agencies.

Understand the various elements of business activity and their interconnections.

Distinguish between tangible and intangible products.

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Definitions:

Personality

A mixture of feelings, thoughts, and actions that are unique to each individual, differentiating one from another.

Free Association

A method employed in psychoanalysis where the patient is encouraged to speak freely about anything that occurs to them, aiming to reveal hidden emotions and thoughts by avoiding self-censorship.

Psychological Disorders

Mental disorders characterized by significant disturbances in an individual's cognition, emotional regulation, or behavior, leading to distress or impairment in functioning.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person and the uniqueness of human experience, focusing on self-actualization and personal growth.