Which of the Following Categories of Causes Would Be Most

question 1

Multiple Choice

Which of the following categories of causes would be most appropriate for a Marriott (an international hotel chain) or McDonalds (an international fast food chain) or the local hair stylist?

• A)People,Machine/Equipment,Methods/Processes,Materials
• B)Machine,Method,Material,Manpower/Mindpower,Measurement,Mother Nature
• C)Product,Price,Place,Promotion,People/personnel,Process,Physical evidence
• D)People,Price,Machine,Materials,Mother Nature

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Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service, crucial for decision-making in output levels.

Marginal Cost

The price of creating one more unit of a product or service.

Purely Competitive Market

A market structure with many buyers and sellers, where all firms sell identical products and no single buyer or seller can influence the market price.

Economic Profit

The discrepancy between a firm's gross income and its total expenses, factoring in both clear and unclear costs.