When a Company Purchases Software, It Has

question 48

Multiple Choice

When a company purchases software, it has:

• A) Purchased the rights of ownership
• B) Purchased a license to use the software under the terms of the agreement
• C) A difficult time obtaining a license because of legality issues
• D) None of the choices are correct.

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Definitions:

Factor Market

A marketplace for the services of a factor of production, such as labor, capital, or land, essential for production processes.

Equilibrium Value

The price or value at which the quantity supplied is equal to the quantity demanded in a market.

Marginal Productivity

The increase in output resulting from a one-unit increase in the input, holding all other inputs constant.

Income Distribution

The way in which total income is shared among the population or different groups within the society.