Match the Following

question 65

Multiple Choice

Match the following.You may use a response once,more than once,or not at all.
-Source from which strategic plans and goals are derived

• A)Mission statement
• B)Operational plans and goals
• C)Strategic plans and goals
• D)Tactical plans and goals

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Definitions:

Marginal Cost Curves

A graphical representation showing how the cost of producing one additional unit of a good changes as production volume changes.

Law of Diminishing Returns

Law of Diminishing Returns states that in a production process, adding an additional factor of production, while holding all others constant, will at some point yield lower per-unit returns.

Sunk Costs

Costs that have already been incurred and cannot be recovered or refunded, and should not influence current or future decisions.

Variable Costs

Costs that change in proportion to the level of production or service activity.