In an Entity-Relationship Data Model,the Concepts of Part Number,type,and Cost

question 38

Multiple Choice

In an entity-relationship data model,the concepts of part number,type,and cost are known as

• A) entities.
• B) attributes.
• C) relations.
• D) objects.

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Definitions:

Average Total Cost

The total cost of production divided by the number of goods produced, encompassing both fixed and variable costs.

Competitive Price-searcher

A market condition where firms have some degree of market power, allowing them to set prices above marginal cost but still requiring them to consider competitors’ prices.

Rival Firms

Companies that compete directly with one another in the same industry or market.

Downward-sloping Demand

A market phenomenon where demand for a product decreases as the price increases, indicating consumers buy less of the product at higher prices.