Suppose That You Join a Gym That Charges a $250

question 2

Multiple Choice

Suppose that you join a gym that charges a $250 membership fee.You also have to pay an additional $5 each time you go the gym.In this case,your sunk cost is:

• A) $250.
• B) dependent upon the number of time you go to the gym.
• C) $5.
• D) $250 plus $5 times every visit you make to the gym.

Comprehend how additive manufacturing (3-D printing) affects economies of scale, production costs, and manufacturing industry dynamics.

Differentiate between explicit costs, implicit costs, and the importance of including both in economic cost calculations.

Understand the relationships between total product, marginal product, average product, and their implications for production decisions.

Recognize the principle of economies of scale, diseconomies of scale, and the concept of minimum efficient scale.

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Definitions:

Extending Credit

The practice of allowing a borrower to use resources now and pay for them later, under agreed terms.

Automobile Dealers

Businesses specializing in the sale of new or used cars and possibly offering maintenance services and spare parts.

Fair Credit Billing Act

A U.S. law designed to protect consumers from unfair billing practices and provides a mechanism for addressing billing errors on credit card statements.

Errors In Credit Card Billings

Mistakes or inaccuracies in the billing statements of credit card accounts, which can range from unauthorized charges to incorrect amounts charged.