In the Context of Organizational Direction,a Business Refers to

question 364

Multiple Choice

In the context of organizational direction,a business refers to

• A)the daily operational decisions that must be implemented for an organization to remain viable.
• B)exchange transactions between seller and buyer in order for the seller to make sales and earn profits.
• C)the clear,broad,underlying industry or market sector of an organization's offering.
• D)an organization that develops an offering.
• E)the objectives of a firm and the strategies and tactics that will allow it to achieve them.

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Definitions:

Average Variable Cost

The total variable costs (costs that change with the level of output) divided by the quantity of output produced, indicating the variable cost per unit of output.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good varies as production increases.

Industry Supply Curve

A graphical representation showing the total quantity of a good that firms in a particular industry are willing and able to supply at different price levels.

Price of An Input

Price of An Input refers to the cost associated with the resources used in the production of goods and services, such as raw materials, labor, and energy.