A Picture or Verbal Description of a Product or Service

question 78

Multiple Choice

A picture or verbal description of a product or service a firm might offer for sale is referred to as a(n)

• A)hypothesis.
• B)proposition.
• C)new-product concept.
• D)alternative.
• E)opportunity.

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Definitions:

Marginal Revenue Product

The increase in revenue resulting from the utilization of one more resource unit.

Wage Rate

The amount of compensation paid to employees per unit of time worked, often expressed per hour or year.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a particular input, assuming all other inputs remain constant.

Wage Rate

The amount of money a worker is paid per unit of time, such as an hour or a month.