_____ Are Things That Go on Inside of the Mind

question 23

Multiple Choice

_____ are things that go on inside of the mind and heart of the consumer and influence value.

• A) External influences
• B) Innate influences
• C) Internal influences
• D) Social influences
• E) Personal influences

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Definitions:

Returns To Scale

The rate at which production output increases as a result of a proportional increase in all input factors.

Marginal Products

The additional output that is produced by employing one more unit of a particular input while holding the quantities of all other inputs constant.

Exponents

Mathematical notations indicating the number of times a base number is multiplied by itself.

Production Function

A mathematical representation that describes the relationship between inputs used in production and the output achieved.