The Year 2000 Problem Was a Prime Example Of

question 26

Multiple Choice

The Year 2000 problem was a prime example of:

• A)A coding problem
• B)Poorly designed report structures
• C)The short-sightedness of accountants

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Definitions:

Marginal Cost

The added expense required to produce one more unit of a product or service.

Fixed Cost

An expense that remains constant regardless of the volume of products or services manufactured or distributed.

Monopoly Profits

The excess profits earned by a monopoly as a result of its ability to set price above marginal costs due to lack of competition.

Duopoly

A market structure dominated by two firms, each of which has significant control over the market price.