Match the Term with Its Definition

question 21

Multiple Choice

Match the term with its definition.
-Readiness to act on existing, but previously unnoticed, business opportunities

• A)capabilities
• B)competitive advantage
• C)competitive environment
• D)core competencies
• E)cost-based strategy
• F)differentiation-based strategy
• G)entrepreneurial alertness
• H)fatal flaw
• I)feasibility analysis

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Definitions:

Isoquant

A curve representing all the combinations of inputs that yield the same level of output.

Isocost Line

A graph that shows all possible combinations of labor and capital that can be purchased for a given total cost.

Returns to Scale

The rate at which production output increases in response to a proportional increase in all inputs (factors of production).

Long-run Average Costs

The average cost per unit of output when all factors of production and costs are variable in the long run.