Development Costs of an Information System Include ________

question 33

Multiple Choice

Development costs of an information system include ________.

• A)hardware maintenance fees
• B)software maintenance fees
• C)data conversion costs
• D)labor costs of using the system

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Definitions:

Market Price

The current price at which a good or service can be bought or sold on the open market, determined by supply and demand forces.

Profit-Maximizing Firm

A company that operates with the objective of making the highest possible profit.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one misses out on.

Accounting Profits

The total revenue of a company minus the explicit costs, not including opportunity costs, showing the financial performance.