Which of the following statements is true?

A) One of the essential characteristics of a liability is that the transaction or other event obligating the entity will probably occur in the future.
B) To be a liability, there must be a duty or responsibility that obligates a particular entity.
C) To qualify as a liability, there must be a legally enforceable claim.
D) In order to have a liability, the identity of the recipient must be known.

Refer to Table 2-4. Consider the production possibilities table for an economy that produces only mobile phones and pizzas. What is the opportunity cost of increasing production of mobile phones from 200 to 500?

Interruptions such as a telephone ringing, someone knocking on your door, or someone dropping by your office when you are trying to communicate with someone else are examples of __________ in effective communication.

Refer to Scenario 9.5. In the short run, if the restaurant shuts down, it ________ variable costs and ________ revenue.

A) has; earns
B) has; earns no
C) has no; earns
D) has no; earns no