Which of the Following Best Describes the Process Referred to as Operational

question 35

Multiple Choice

Which of the following best describes the process referred to as operational planning?

• A) Planning an organization's long-range goals for profitability.
• B) Identifying incremental goals that can be achieved in a year or less.
• C) Completing activities that make day-to-day systems run smoothly.
• D) Planning an organization's long-range goals for market share.

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Definitions:

Identical Costs

Costs that are the same in amount or value, often referring to uniform expenses across different units or operations.

Average Total Cost

The total cost of production divided by the quantity produced, representing the average cost of producing each unit of output.

Competitive Market

A market structure characterized by a large number of sellers and buyers, where no single entity can significantly influence prices, leading to optimal product pricing and variety.

Economic Profit

The difference between the total revenue earned by a business and the total opportunity costs of all resources used in the production.