A Cost Resulting from the Ongoing Evolution and Use of a System

question 63

Multiple Choice

A cost resulting from the ongoing evolution and use of a system best defines a(n) :

• A) recurring cost.
• B) one-time cost.
• C) incremental cost.
• D) frequent cost.
• E) variable cost.

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Definitions:

Marginal Utility

A concept in economics that represents the additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Budget Allocation

The process of distributing available financial resources among different departments, projects, or sectors within an organization or government.

Utility Maximized

The point at which a consumer achieves the highest level of satisfaction possible, given their budget constraints and the prices of goods and services.

Price of Goods

The amount of money required to purchase a particular good or service in a market.