Place the Four Business Functions in the Order They Appear

question 100

Multiple Choice

Place the four business functions in the order they appear along the value chain:

• A)Customer Service, Design, Production, Marketing
• B)Customer Service, Marketing, Production, Design
• C)Design, Production, Marketing, Customer Service
• D)Design, Customer Service, Production, Marketing

Discuss the concept of weak axiom of profit maximization (WAPM) and its implications.

Understand the distinction between fixed and variable factors in production.

Explain the principles of diminishing returns to scale and their implications on firm's profit.

Recognize profit maximization in different market structures and the role of government interventions.