Final answer:
Operating leverage is concerned with the change in operating profit due to a change in sales volume. It shows how a small change in volume can lead to significant changes in operating income when fixed costs are high compared to variable costs.
Step-by-step explanation:
The concept that is concerned with the change in operating profit as a result of a change in volume is Operating leverage. Operating leverage measures the proportion of fixed costs in a company's cost structure and indicates how a change in sales volume will affect operating income. When a company has high operating leverage, a small change in sales volume can lead to a large change in operating profit. On the other hand, the break-even point is the level of sales at which total revenues equal total costs, resulting in neither profit nor loss. Financial leverage involves the use of borrowed capital to finance the assets of the company, while combined leverage shows the impact of both operating and financial leverage on a company's earnings.
When a firm operates below the break-even point, it can either continue to produce and incur losses or shut down operations. The preferred option would be the one that minimizes monetary loss. However, this situation relates more to understanding cost structures and does not directly answer the question regarding the effect of sales volume on operating profit.