To Become Core Competences, the Functional Resources Possessed by an Organization

question 28

Multiple Choice

To become core competences, the functional resources possessed by an organization should be ________.

• A) plentiful and easily available
• B) easily replaceable with alternative resources
• C) unique and difficult to imitate
• D) cheap

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Definitions:

Supply Curve

The supply curve is a graphical representation showing how the quantity of a good that a supplier is willing and able to sell varies depending on the price.

Long-run Equilibrium

A state in which all factors of production and costs are variable, allowing firms in a perfectly competitive market to make zero economic profit, balancing supply and demand.

Maximum Profits

The highest possible financial gain that a business can achieve in a given period, optimizing revenue while minimizing costs.