Which of the Following Statements Is Generally TRUE About Information

question 271

Multiple Choice

Which of the following statements is generally TRUE about information products?

• A) High fixed costs and low marginal costs
• B) High fixed costs and high marginal costs
• C) Low fixed costs and low marginal costs
• D) Low fixed costs and high marginal costs

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Definitions:

Unit of Labor

A measurement of work or effort by an employee or worker.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate in a specific period.

Capital

Financial assets or their financial value, as well as the tangible factors of production that are used in creating goods or services.

Maximize Profit

The process of increasing one's financial gain to the highest possible level given the constraints of the market.