________ Focuses on the Study of People in Relation to Their

question 103

Multiple Choice

________ focuses on the study of people in relation to their social environment.

• A) Psychology
• B) Sociology
• C) Corporate strategy
• D) Political science
• E) Operations management

---

Definitions:

Industry Output

The total production of goods and services produced by a specific sector of the economy over a given period.

Marginal Cost

The cost incurred from producing one additional unit of a good or service.

Fixed Cost

Costs that do not vary with the level of production or sales, remaining constant regardless of the amount of goods or services produced.

Crude Oil Price

The cost per barrel of unrefined petroleum, a key determinant of energy costs, affecting global economies.