________ Is Known as a "Vicious Cycle

question 50

Multiple Choice

________ is known as a "vicious cycle." In most cases, this is harmful if the vicious cycle cannot be broken; sometimes it is necessary for a process to run to completion.

• A)Homeostasis
• B)Negative feedback loop
• C)Positive feedback loop
• D)Metabolism

Apply the concept of opportunity costs to specific business scenarios to determine economic profits.

Understand how fixed and variable costs contribute to total costs and how this affects business decisions.

Identify when economies of scale or diseconomies of scale are occurring within a production process.

Understand the concepts of fixed, variable, and total costs in production.

---

Definitions:

Medical Care

Professional services provided by doctors, nurses, dentists, and other health professionals to treat or prevent health problems and enhance well-being.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes infinitely in response to any change in price, typically represented with a horizontal demand or supply curve.

Relatively Inelastic

A term used to describe a situation where the demand or supply for a good or service is less responsive to changes in price.

Total Revenue

The total income that a company receives from its normal business activities, usually from the sale of goods and services to customers.