__________ Is the Process of Deciding Exactly What One Wants

question 48

Multiple Choice

__________ is the process of deciding exactly what one wants to accomplish and how to do it.

• A)Sales forecasting
• B)Planning.
• C)Needs analysis.
• D)Demand estimation.
• E)Program development.

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Definitions:

Marginal Revenue

The additional income generated from selling one more unit of a good or service. It is a vital concept in determining the optimal level of output for a company.

Marginal Cost

Marginal Cost refers to the increase in total production cost that arises from producing one additional unit of a good or service.

Economic Profits

The surplus achieved when the revenue from business activities exceeds both the explicit and implicit costs, differing from accounting profits by considering opportunity costs.

Accounting Profits

The total revenue of a company minus total explicit costs; the profit figure reported in financial statements.