The Acronym SRDS Stands For

question 78

Multiple Choice

The acronym SRDS stands for:

• A)Standardized Reading Development Service
• B)Standard Rate and Data Service
• C)Supplementary Rating and Delivery Standards
• D)Sales Rating and Delivery Standards
• E)Standard Rating and Delivery Specifications

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Definitions:

Variable Costs

Costs that change in proportion to the level of output or activity, such as raw materials, labor, and utilities.

Output

The quantity of goods or services produced by a business, industry, or country.

Normal Profit

The payment made by a firm to obtain and retain entrepreneurial ability; the minimum income that entrepreneurial ability must receive to induce entrepreneurs to provide their entrepreneurial ability to a firm; the level of accounting profit at which a firm generates an economic profit of zero after paying for entrepreneurial ability.

Implicit Cost

The monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market; equal to what the resource could have earned in the best-paying alternative employment; includes a normal profit.