A Cost Unit Can Be

question 47

Multiple Choice

A cost unit can be:

• A)a product.
• B)a department.
• C)a job.
• D)All of the above

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Definitions:

Substitutes

Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in the demand for the other.

Elasticity Coefficient

Refers to a numerical measurement of how responsive an economic variable is to a change in another variable.

Supply Elastic

Relates to how much the quantity supplied of a good changes in response to changes in its price.

Recession

An economic downturn marked by a significant decline in activity across the economy, lasting more than a few months.