If, for the Last Bushel of Apples Produced and Sold

question 48

Multiple Choice

If, for the last bushel of apples produced and sold by an apple farm, marginal revenue exceeds marginal cost, then in producing that bushel the farm

• A)added more to total cost than it added to total revenue.
• B)added an equal amount to both total revenue and total cost.
• C)added more to total revenue than it added to total cost.
• D)maximised its profits or minimised its losses.

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Definitions:

Modular Organization

refers to a business structure that divides a company into smaller, flexible, and interchangeable units, allowing for specialization and easier adaptation to change.

Industries

Broad sectors of the economy made up of businesses that share similar activities, products, or services.

Virtual Organization

A company that mainly operates through electronic communication and does not have a physical location, relying on networks and technology to perform its operations.

Strategic Control

A method for monitoring the execution of an organization's strategic plans and measures taken to adjust strategies when necessary.