Consider the Following Statements When Answering This Question: I

question 46

Multiple Choice

Consider the following statements when answering this question: I. In the long run, if a firm wants to remain in a competitive industry, then it needs to own resources that are in limited supply.
II) In this competitive market our firm's long-run survival depends only on the efficiency of our production process.

• A) I and II are true.
• B) I is true, and II is false.
• C) I is false, and II is true.
• D) I and II are false.

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Definitions:

Evaluation Skills

The ability to assess the quality, importance, or value of something through analysis and comparison.

Creative Thought

The process of generating new, original, and innovative ideas or concepts.

Preconceived Perceptions

Opinions or attitudes formed in advance without adequate information or experience.

Support Life

Activities or systems that provide essential assistance or enable living organisms to maintain health, well-being, and functionality.