Examlex
A college student working in a minimum-wage job has a __________ opportunity cost of __________ than a college dean.
Utilization
The extent to which a resource, such as equipment, space, or labor, is being used effectively and efficiently.
Excess Capacity
The situation in which a company can produce more products or services than currently demanded by the market.
High Fixed Costs
A financial condition where a business or operation has a high proportion of expenses that do not vary with the volume of production or sales.
Low Variable Costs
Operating conditions where costs that vary with production levels, like materials and labor, are minimal.
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