Which Statement Best Defines a Competency

question 21

Multiple Choice

Which statement best defines a competency?

• A) It is the set of duties performed by a particular team.
• B) It is the list of tasks, duties, and responsibilities (TDRs) that a particular job entails.
• C) It is a set of related duties for accomplishing work.
• D) It is the activity that a work unit's members engage in to produce a given output.
• E) It is an area of personal capability that enables employees to perform successfully.

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Definitions:

Service Industries

Sectors of the economy that provide intangible products such as healthcare, education, and financial services.

Monopolistically Competitive

Describes a market structure where many companies sell products that are similar but not identical, allowing for competition based on price, quality, and marketing.

Profit-maximizing Price

The price level at which a company can make the maximum possible profit on its products or services, based on the dynamics of supply and demand.

Demand

The desire, willingness, and ability of consumers to purchase goods and services at a given price.