Which of the Following Is Not One of the Three

question 159

Multiple Choice

Which of the following is not one of the three fundamental concepts of economics?

• A) profit maximization
• B) marginalism
• C) opportunity cost
• D) the working of efficient markets

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Definitions:

Traditional Format

An accounting income statement format that categorizes costs by their function, such as cost of goods sold, operating expenses, and other expenses.

Fixed Cost

Costs that remain constant in total regardless of changes in the level of production or sales activity.

Per Unit

A term used to denote the cost or price of a single item or measure of a service or product.

Relevant Range

The range of activity within which the assumptions about fixed and variable costs are valid for a specific business.