A Mission Statement for a Kayak Manufacturer Might Be as Follows

question 87

True/False

A mission statement for a kayak manufacturer might be as follows: To make the highest-quality kayaks and sell them at a competitive price.

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Definitions:

Long Run

A time period in which all factors of production and costs are variable, allowing for all inputs to be adjusted.

Profit

The financial gain obtained when the revenue from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Total Revenue

The gross revenue of a company, being the entire sum of income from goods or services sold, prior to the deduction of any costs.

Marginal Cost

The extra expense associated with the production of an additional unit of a product or service.