The ________ Is the Series of Work Actions That Add

question 99

Multiple Choice

The ________ is the series of work actions that add value to a product as it is being transformed from inputs to finished product.

• A)supply chain
• B)value chain
• C)output chain
• D)input chain

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Definitions:

Marginal Cost (MC)

The increase in total cost that results from producing 1 more unit of output. Marginal costs reflect changes in variable costs.

Marginal Cost

The financial increment incurred by the production of an extra unit of a product or service.

Average Total Cost

It refers to the total cost per unit of output, calculated by dividing the total cost of production by the number of units produced.

Efficient Mix

An allocation of resources that maximizes the total utility to society, where no individual can be made better off without making someone else worse off.