The Attributes of an Organization's Outputs Are Determined by Its

question 21

Multiple Choice

The attributes of an organization's outputs are determined by its ________ system.

• A)production
• B)quality control
• C)efficiency
• D)distribution

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Definitions:

Consumer Surplus

The gap between what consumers are ready and can afford to pay for a product or service, versus what they actually spend.

Producer Surplus

The difference between the amount that a producer is paid for a good or service and the minimum amount they are willing to accept for it.

Marginal Revenue

The additional income derived from the sale of one more unit of a good or service.

Monopsonist Purchase

The buying activities of a market condition where only one buyer exists, affecting prices and quantities of goods.