Josh,an Electronics Retailer,noticed That the E-Commerce Business Was Booming

question 37

Multiple Choice

Josh,an electronics retailer,noticed that the e-commerce business was booming.He started an online shopping website to take advantage of this surge in business.As a result,his business attracted more customers from all across the country.This reflects Josh's:

• A) creativity.
• B) radical ability.
• C) incremental skill.
• D) entrepreneurial alertness.

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Definitions:

Average Total Cost

The total cost of production divided by the quantity produced, indicating the cost effectiveness of producing goods.

Marginal Cost Increases

The rise in the cost to produce one additional unit of a good or service.

Marginal Product

The additional output that is produced as a result of adding one more unit of a specific input, holding all other inputs constant.

Total Cost

The overall expense incurred in the production of goods or services, combining both fixed and variable costs.