________ Argues That Firms Should Create New, More Efficient Business

question 59

Multiple Choice

________ argues that firms should create new, more efficient business processes that integrate the activities of all departments involved in a value chain.

• A) Business process reengineering
• B) Product differentiation model
• C) Market differentiation model
• D) Business process design

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Definitions:

Profit

Difference between total revenue and total cost.

Marginal Revenue

The additional income earned from the sale of one more unit of a product or service.

Demand Curve

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

Total Revenue

Total Revenue is the total amount of money received by a company from its sales of goods or services, before any expenses are subtracted.