If you were thinking about an oven as a system, which of the following represents the output?
A. A light indicating that the oven has reached the preheated temperature.
B. The oven running at 350 degrees for 20 minutes.
C. The uncooked food.
D. The cooked food.
Answer: D
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Jack currently works for a law firm full time and earns $60,000 a year. He is thinking of quitting his job to pursue a medical degree. Medical school will cost him $100,000 per year. If Jack quits his job and goes to medical school, the salary he currently earns would be considered what type of cost?
A. Irrelevant cost B. Opportunity cost C. Sunk cost D. Fixed cost
A manufacturing company has each salesperson attend three weeks of formal workshops at the time of hiring. Each calendar year, each salesperson in the company attends workshop-style meetings
What are the two strategies being implemented by this company concerning its salesforce?
In monopolistic competition, one firm completely controls a broad product-market.
Answer the following statement true (T) or false (F)
Which of the following is true of newspaper advertisements?
A. They can be reproduced quickly. B. They do not require the use of creative options. C. They are considered inflexible during production. D. They typically offer limited selectivity. E. They are highly expensive to create.