A Project's Life Cycle Refers to ______

question 89

Multiple Choice

A project's life cycle refers to ______.

• A)the average estimated duration of a project
• B)the average actual duration of a project
• C)the time spent in planning the project prior to start of project
• D)the sum of the time spent by project personnel on a project

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Definitions:

Marginal Cost

The financial increase due to the production of an extra product or service unit.

Artificially Scarce Good

A product or service whose availability is restricted through patents, copyrights, or other legal means, rather than by the limits of physical scarcity.

Pigouvian Tax

A tax imposed on activities that generate negative externalities, intended to correct an inefficient market outcome by internalizing the external costs.

Efficient Level

A point at which resources are allocated in the most effective manner, maximizing output without wasting resources.