An Important Component of the Value Chain Concept Is ________

question 7

Multiple Choice

An important component of the value chain concept is ________.

• A) the inevitability of channel conflict
• B) dependency of each channel member on one another
• C) the need for independence among channel members
• D) the need to minimize total channel costs

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Definitions:

Marginal Products

The additional output resulting from a one-unit increase in the use of a particular input, holding all other inputs constant.

Exponents

Mathematical symbols representing the number of times a number or expression is multiplied by itself.

Production Function

A mathematical representation that defines the relationship between inputs used in production and the output generated from those inputs.

Returns To Scale

The rate at which production increases in response to proportional increases in all inputs.