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A ________ Is Any Activity That Is Vital to Quickly

question 47

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A ________ is any activity that is vital to quickly delivering goods or services to customers or that promotes high quality or low cost.


Definitions:

Herfindahl Index

An economic measure of market concentration, calculated by summing the squares of the market shares of all competitors within an industry.

Industry Concentration

A measure of the extent to which a small number of firms dominate the total production, sales, or market share in an industry.

Elastic

A measure in economics indicating how much the demand or supply of a good changes in response to a change in price.

Marginal Revenue

The extra revenue gained by selling an additional unit of a product or service.

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