If Resources Are Scarce,it Means That They

question 45

Multiple Choice

If resources are scarce,it means that they:

• A)are insufficient to provide enough goods and services to satisfy all human material wants and needs.
• B)have no opportunity cost.
• C)are probably not valued by consumers.
• D)have an unlimited supply.

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Definitions:

Unit Selling Price

The price a customer pays for one unit of a product or service.

Cost-volume-profit Chart

A graphical representation that shows the relationship between a company's costs, sales volume, and profit, used for planning and decision-making purposes.

Total Costs Line

Represents the aggregate of all costs (fixed and variable) associated with the production of goods or services, often illustrated graphically in cost-volume-profit analysis.

Break-even Sales

Break-even sales represent the amount of revenue required to cover all fixed and variable costs, resulting in neither profit nor loss.