When Determining How Much Your Time Is Worth as a Consultant

question 4

Multiple Choice

When determining how much your time is worth as a consultant, the first rule is to:

• A) Cost out your travel.
• B) Identify all unexpected expenses.
• C) Comply with the contract.
• D) Overestimate your time.

---

Definitions:

Scarce Resources

Essential inputs such as labor, capital, and natural resources that are limited in supply and are allocated for various uses in production.

Vertical Differentiation

A market condition where products are differentiated based on quality, with consumers willing to pay more for higher-quality items.

Welfare Increase

Welfare increase refers to an improvement in the overall well-being and economic status of individuals or communities, often measured by factors such as income, employment, and access to services.

Vertical Differentiation

A marketing strategy where a product is designed to be of higher quality or to have more features than competing products.