A(n) ________ Is a Network of Activities That Generate Value

question 45

Multiple Choice

A(n) ________ is a network of activities that generate value by transforming inputs into outputs.

• A) business process
• B) competitive strategy
• C) linkage
• D) information system

---

Definitions:

Short Run

A period in which at least one of a firm's inputs is fixed, limiting its capacity to adjust its output levels.

Long Run

A period of time in which all factors of production and costs are variable, allowing firms to adjust all inputs.

Marginal Cost

The cost of producing one additional unit of a good or service.

Marginal Revenue

The additional income that an organization receives from selling one more unit of a product or service.