Which of the Following Represents a Business Process You Would

question 167

Multiple Choice

Which of the following represents a business process you would find in the Operations Management department?

• A) Ordering inventory
• B) Processing sales
• C) Promoting discounts
• D) Paying of accounts payable

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Definitions:

Marginal Revenue

The additional income earned by selling one more unit of a product or service.

Profit-Maximizing Level

The point at which a firm produces at a level where the difference between total revenue and total cost is the greatest.

Marginal Revenue

The additional income earned by selling one more unit of a good or service.

Normal Good

A product or service whose demand increases as consumers' income increases, typically reflecting higher purchasing power.