As a Farmer of Avocados, You Operate in a Market

question 18

Multiple Choice

As a farmer of avocados, you operate in a market of only one seller. What is the key strategic consideration in running your business?

• A) to differentiate your product from that of your competitors
• B) to minimize your costs
• C) to match the pricing of the handful of other competitors in your market
• D) to set any price you want, because you control the majority of your industry

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Definitions:

CIO

The Congress of Industrial Organizations, a federation of unions that organized workers in industrial unions in the United States and Canada from the 1930s until its merger with the AFL in 1955.

AFL

The American Federation of Labor, a historic federation of labor unions in the United States.

Minorities

Groups within a population that are distinguished by racial, ethnic, religious, or cultural identity and often experience differential treatment or representation.

AFL and CIO

The American Federation of Labor and Congress of Industrial Organizations, a federation of labor unions in the United States.