A Supporting Activity in a Value Chain Is Best Described

question 17

Multiple Choice

A supporting activity in a value chain is best described as

• A) information technology related activities.
• B) activities that do not require manual labor.
• C) activities that support the primary activities in a value chain.
• D) activities that add no value to a value chain.
• E) maintenance related activities.

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Definitions:

Total Profit

The total income of a business after all expenses and costs are subtracted from the total revenue.

MC = MR

A condition where a firm's marginal cost (MC) of producing an additional unit is equal to the marginal revenue (MR) gained from selling that unit, used to determine profit maximization.

Perfect Competitor

An idealized market scenario where numerous buyers and sellers interact, leading to the best products at the lowest prices due to competition.

Monopolist

An individual or company that is the sole supplier of a particular good or service, allowing them to control the market price.