Criteria That Are Related to the Performance of the Product

question 87

Multiple Choice

Criteria that are related to the performance of the product or service and include reliability, durability, comfort and convenience are called which of the following?

• A)Technical criteria
• B)Personal criteria
• C)Quality criteria
• D)Product criteria

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Definitions:

AVC

Average Variable Cost, the total variable costs divided by the quantity of output produced, representing the variable cost per unit of output.

ATC

Average Total Cost, the total cost of production divided by the quantity of output produced.

Economic Profits

The surplus that remains after all operational costs, including opportunity costs, are subtracted from total revenues.

Economic Profits

Economic Profits represent the surplus after subtracting both the explicit and implicit costs from total revenue, depicting a firm's advantage beyond the normal returns.