Which of the Following Is a Production Decision

question 44

Multiple Choice

Which of the following is a production decision?

• A)Whether to enter or exit an industry.
• B)Whether to increase or decrease plant capacity.
• C)Whether to increase or decrease output.

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Definitions:

Needs and Wants

Fundamental human requirements (needs) and desires or wishes that are not essential but desired (wants).

Customer Value

The perception of what a product or service is worth to a customer versus the possible alternatives.

Nonmonetary Benefits

Advantages or perks received from a job, purchase, or transaction that do not involve financial compensation, such as satisfaction, convenience, or health improvements.

Monetary Benefits

The financial gains one receives from employment or investment, including salary, dividends, or interest.