A Market-Oriented Firm Defines Its Business in Terms Of

question 53

Multiple Choice

A market-oriented firm defines its business in terms of:

• A) goods and services
• B) the benefits its customers seek
• C) employee empowerment
• D) competitive position
• E) customer satisfaction

---

Definitions:

Industry Supply Curve

A graph that shows the quantity of goods that producers are willing and able to sell at different price levels in a specific industry.

Marginal Costs

Marginal costs are the additional costs incurred to produce one more unit of a product or service.

Total Cost Function

Describes the complete cost of producing a given level of output, summing up all variable and fixed costs associated with production.

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced or sold.