_____ Refers to the Difference Between the Benefits a Customer

question 306

Multiple Choice

_____ refers to the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

• A) Operating cost
• B) Profit margin
• C) Customer value
• D) Net value
• E) Satisfaction

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Definitions:

Marginal Cost

The supplementary cost of manufacturing another unit of a product or service.

Consume

The action of using up goods and services to satisfy personal or collective wants or needs.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to do one thing over another.

Production Possibilities Schedule

A table or graph that shows the various combinations of two goods or services that an economy can produce using all its resources efficiently.