In Increasingly Fast-Paced Markets, Prices, and Technology Are Not Enough

question 65

Multiple Choice

In increasingly fast-paced markets, prices, and technology are not enough. ________ is the factor that will often give a company its competitive edge and is defined as the totality of features that affect how a product looks and functions in terms of customer requirements.

• A) Design
• B) Services
• C) Performance
• D) Style
• E) Reliability

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Definitions:

Labor

The effort exerted by humans, encompassing both mental and physical activities, to create goods and services.

Machines

are mechanical or electronic devices that perform tasks, either automatically or with human input.

Short-Run Total Cost

The total of all costs, both fixed and variable, involved in the production of goods or services in the short run.

Production Function

This concept describes the relationship between inputs used in production and the resulting output.