Computer-Based Training Tends to Be More Costly Than Classroom Training

question 110

True/False

Computer-based training tends to be more costly than classroom training.

Predict market outcomes when both supply and demand are affected simultaneously.

Distinguish between movements along the curve and shifts of the curve in supply and demand analysis.

Assess the role of substitutes and complements in market dynamics.

Evaluate the influence of market interventions (e.g., tariffs) on supply and demand.

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Definitions:

Fixed Resource

An asset or resource in production that cannot be easily increased or decreased in the short term, such as land or machinery.

Diminishing Returns

The principle that says as more of a variable input is added to a fixed input, the incremental gain in output will eventually decrease.

Normal Profits

The level of profit that is necessary to cover the costs of a firm, including the opportunity costs of capital, ensuring the firm remains in business.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources it already owns, without paying rent or purchasing them.