Each of the Elements in the ____ Namespace Is Marked

question 105

Multiple Choice

Each of the elements in the ____ namespace is marked by a prefix attached to the element name.

• A) local
• B) default
• C) global
• D) value

---

Definitions:

Marginal Cost

captures the cost added by producing one extra item of a product, emphasizing the concept of economies of scale and efficiency in production.

Marginal Product

An increase in output resulting from the use of one more unit of a particular input, holding all other inputs constant.

Opportunity Costs

The price paid when one skips the second-best option available in making a choice.

Economic Costs

The total costs of undertaking an economic activity, including both explicit costs and opportunity costs.