Match the Following Terms with Their Definitions

question 2

Multiple Choice

Match the following terms with their definitions:
1.Standard price A.A carefully determined cost of a unit of output.
2.Standard cost B.A carefully determined quantity of input.
3.Standard input C.A carefully determined price a company pays per
Unit of input.

• A)1-C;2-A;3-B
• B)1-A;2-B;3-C
• C)1-B;2-A;3-C
• D)1-C;2-B,3-A
• E)1-A;2-C;3-B

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Definitions:

Nth Unit

A term referring to the last or latest unit produced or consumed, often used in economics to analyze marginal costs or benefits.

Diminishing Marginal Utility

A principle stating that as a person consumes more of a good, the additional satisfaction gained from consuming an additional unit decreases.

Satisfaction

The satisfaction or quenching of a want, necessity, or craving.

Pizza

A popular dish of Italian origin consisting of a round, flattened base of leavened wheat-based dough topped with tomatoes, cheese, and often various other ingredients, baked at a high temperature.