The Process That Involves Allocating Resources,developing Structures,hiring Skilled Employees,and Developing

question 77

Multiple Choice

The process that involves allocating resources,developing structures,hiring skilled employees,and developing appropriate reward systems is known as:

• A)strategy formulation.
• B)strategy implementation.
• C)strategic planning.
• D)strategic management.

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Definitions:

Zero Economic Profits

A situation in perfect competition where firms earn just enough revenue to cover their total costs, including opportunity costs.

Marginal Revenue

Marginal Revenue is the additional income received from selling one more unit of a product.

Marginal Decision Rule

A principle that states that an action should be taken if, and only if, the marginal benefits exceed the marginal costs.

MC > MR

A condition where a firm's marginal cost is greater than its marginal revenue, suggesting that it would not be profitable to increase output further.