The Primary Resource of All Organizations Is ____________

question 40

Multiple Choice

The primary resource of all organizations is ____________.

• A)information
• B)money
• C)facilities
• D)employees

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Definitions:

Inferior Good

A good or service whose consumption declines as income rises, prices held constant.

Constant Costs

Costs that remain unchanged regardless of the level of production or activity.

Long-Run Equilibrium

A state in which all firms in a market are making zero economic profit, with no firm having an incentive to enter or exit the industry.

Allocative Efficiency

An economic state where resources are allocated in a way that maximizes the overall utility to society, ensuring that the goods and services produced match consumer preferences.