A ________ Orientation Is a Management Philosophy That Focuses on Ways

question 39

Multiple Choice

A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants.

• A) consumer
• B) promotion
• C) selling
• D) production
• E) quality

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Definitions:

Opportunity Cost

The best alternative that we forgo, or give up, when we make a choice or a decision.

ΔTVC/Δq

ΔTVC/Δq represents the change in Total Variable Cost (TVC) resulting from producing one additional unit of output, equivalent to Marginal Cost.

AVC

AVC, or Average Variable Cost, is the total variable costs divided by the quantity of output produced.

MC

Marginal Cost, the increase in total cost that arises from producing one additional unit of a product or service.