What Are Liabilities

question 233

Multiple Choice

What are liabilities?

• A)anything of value owned by a person or a business
• B)anything a person or a business owes to entities outside the business
• C)the total cost of labor for a firm
• D)only those unpaid expenses for which a business or person is making interest payments

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Definitions:

Marginal Utility

The extra utility a consumer obtains from the consumption of 1 additional unit of a good or service; equal to the change in total utility divided by the change in the quantity consumed.

Inelastic Nature

Characterizes a product or service whose demand or supply does not significantly change in response to price adjustments.

Agricultural Demand

The desire and ability to purchase agricultural products at various prices.

U.S. Farm Exports

Agricultural products produced in the United States that are sold to other countries, contributing to the U.S. economy and global food supply.