You Notice That When a New Yoga Class Is Offered

question 155

Multiple Choice

You notice that when a new yoga class is offered at the student recreation centre at a highly desirable time,some students from the other yoga classes go to the new class instead.Which economic principle does this statement BEST represent?

• A) Choices are necessary because resources are scarce.
• B) The true cost of something is its opportunity cost.
• C) People usually respond to incentives,exploiting opportunities to make themselves better off.
• D) "How much" is a decision at the margin.

Explain the concept and practice of evidence-based management.

Understand the human relations movement and its critiques of earlier management approaches.

Grasp the concept of social capital in organizational contexts.

Identify and apply the core goals of the field of organizational behaviour.

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Definitions:

Marginal Cost

The expenditure associated with creating a subsequent unit of a product or service.

Subsidy

A financial contribution or support given by a government or institution to lower the price of a good or service, often intended to encourage production or consumption, reduce costs, or support industries.

Cost Schedule

A detailed listing showing the various quantities of a good or service and the associated costs of producing them.

Marginal Revenue

The increase in revenue resulting from the sale of one additional unit of a product.