Carla Is Using Education,income,and Occupation to Develop a Measure of Social

question 49

Multiple Choice

Carla is using education,income,and occupation to develop a measure of social class.What type of measure for social class is she developing?

• A)index measure
• B)valid measure
• C)reliable measure
• D)concurrent measure

Identify the differences between an agent and an employee and the legal implications thereof.

Analyze situations to determine when a principal is or is not bound by the actions of an agent.

Understand the concepts of actual, implied, and apparent authority and how they affect the liability and responsibilities of agents and principals.

Recognize the legal consequences of an agent’s breach of fiduciary duty.

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Definitions:

Marginal Cost Curve

A graphical representation showing the cost of producing one more unit of a good.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing a profit above the opportunity cost.

Explicit and Implicit Costs

Explicit costs are direct payments made to others in the course of running a business, like wages or rents, while implicit costs represent the opportunity costs of using resources owned by the business.

Marginal Costs

The cost of producing one additional unit of a good or service, reflecting the change in total cost that comes from a one unit increase in output.