Customer Response Time Is the Time It Takes For

question 44

Multiple Choice

Customer response time is the time it takes for:

• A) value to be placed on a company's products by customers.
• B) development of a new process for producing products and delivering them to customers.
• C) given inputs to be converted into an output.
• D) development of products that have superior attributes to existing products.
• E) a good to be delivered or a service to be performed.

---

Definitions:

MRP

Marginal Revenue Product, which is the additional revenue generated from hiring an additional unit of a resource or input.

Resources

Assets, materials, and inputs used to produce goods and services.

Purely Competitive Conditions

A theoretical market structure with many buyers and sellers, all small relative to the market, with no single entity able to influence price, leading to an efficient allocation of resources.

MPs

Abbreviation for Members of Parliament, who are elected to represent constituencies in the legislative body of a country.