Organizations Must Acquire a Variety of Resources in Order to Produce

question 91

Multiple Choice

Organizations must acquire a variety of resources in order to produce a product or service of value. These resources may include materials, equipment, financing, or even employees. The sources that provide these various resources are referred to as

• A)shareholders.
• B)regulators.
• C)retailers.
• D)suppliers.
• E)prospectors.

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Definitions:

Demand Schedule

A table that lists the quantity of a good or service that consumers are willing and able to purchase at various prices.

Marginal Cost

The cost upsurge due to the production of one extra unit of a product or service.

Marginal Revenue

The supplementary income generated through the sale of an additional unit of a good or service.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.