The Heart of the Organization's Production of Its Product or Service

question 39

Multiple Choice

The heart of the organization's production of its product or service is called the

• A) manufacturing department.
• B) technical core.
• C) technological environment.
• D) production sector.
• E) output.

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Definitions:

Profit Maximizing

A financial strategy or goal of businesses to achieve the highest possible profit, where marginal revenue equals marginal cost.

Marginal Revenue

The additional revenue a firm gains from selling one more unit of a good or service.

Monopolist

A market participant that is the sole seller of a product or service, having significant control over its price.

Demand Curve

illustrates the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.