Value is defined as the difference between the cost of supplying a product or service and the actual price paid by the customer for it, but not all value translates into profit.

Question

Quizplus · Accepted Answer

This is because in some cases, the cost of supplying a product or service may be higher than the price paid by the customer, leading to a loss instead of profit. Additionally, there may be other factors that affect profitability, such as competition, market demand, and operating expenses.

Value Is Defined as the Difference Between the Cost of Supplying