Question: The difference between the average customers willingness to pay and the total costs of a product is known as ______. When a company makes a

  1. The difference between the average customers willingness to pay and the total costs of a product is known as ______.
  2. When a company makes a profit, the difference between the price of the product and the cost of production is known as what?
  3. Value creation and value capture are key concepts for which parts of business?
  4. If a company innovates in a way that reduces its production costs without affecting any features of the product, would that create value?
  5. Suppose a price war was to erupt in the airline market, which causes prices for flights to decline, but affected nothing else about the industry. Would this change the value created by airlines?
  6. Suppose a price war was to erupt in the airline market, which causes prices for flights to decline, but affected nothing else about the industry. Would this change the value captured by airlines?

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