Which of the Following Statements Concerning the Global Marketplace Is

question 82

Multiple Choice

Which of the following statements concerning the global marketplace is true?

• A)The global marketplace is diminishing because of Internet technology.
• B)The global marketplace is growing because of trade agreements.
• C)The global marketplace is growing due to the threat of the ability of a single nation to manufacture, supply, and consume all that it produces.
• D)The global marketplace is growing owing to the talent shortage in the home countries of national companies.

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Definitions:

Production

The process of creating goods or services by combining various inputs like labor, materials, and technology.

Total Revenue

The total income a firm receives from selling its products or services, calculated by multiplying the price per unit by the number of units sold.

Marginal Cost

Is the cost of producing one additional unit of a good or service.

Least-cost Combination

An optimal mix of inputs that minimizes the cost of production while yielding a given level of output.