Which of the Following Statements Is True of the Production

question 123

Multiple Choice

Which of the following statements is true of the production concept?

• A) It considers customer focus and value to be the paths to sales and profits.
• B) It follows the customer-centered sense-and-respond philosophy.
• C) It takes an outside-in perspective.
• D) It calls for sustainable marketing.
• E) It leads to companies focusing too narrowly on their own operations.

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Definitions:

Better Technology

Improvements or advancements in technology that increase efficiency or productivity.

Concave Production Possibilities Curve

A graphical representation indicating increasing opportunity costs as more of one good is produced, resulting in a bowed-out shape.

Economic Resources

These are the assets, materials, and inputs used to produce goods and services, including labor, capital, and natural resources.

Opportunity Costs

The value of the foregone alternative when a decision is made; essentially, the cost of choosing one option over another.