Which of the Following Operations Would Be the Most Likely

question 67

Multiple Choice

Which of the following operations would be the most likely to accept a special order based on seasonality?

• A)H&R Block tax service
• B)Federal Express
• C)An attorney specializing in estate planning
• D)A hospital approached by a patient negotiating on the price of kidney stone surgery

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Definitions:

Output Level

The amount of output produced by a firm or an industry within a certain period.

Demand Curve

An illustrated diagram indicating how consumer demand for a product varies with changes in its price.

Output Quantity

The amount of goods or services produced by a company, industry, or economy within a specific period.

MR = MC Rule

The principle that a firm will maximize its profit (or minimize its losses) by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost.