You Have Recently Started a Small Business

question 17

Multiple Choice

You have recently started a small business.Your primary competition is much larger and can benefit from economies of scale that keep its costs (and prices) significantly lower than yours.To be competitive,it is important for you to

• A)clearly differentiate your product or services.
• B)grow so that you can reduce your costs to match those of the competition.
• C)keep your workforce wages low to reduce your current costs.
• D)There is not enough information to provide an answer.

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Definitions:

Randomization

A process of making choices or allocating resources in a manner that prevents any predictable patterns, often used in experimental designs to ensure unbiased results.

Systematic Sampling

A statistical method where elements are selected from a larger population at regular intervals, ensuring each member has an equal chance of being chosen.

Probability Sampling

A sampling method where every member of a population has a known and non-zero chance of being selected in the sample.

Research Groups

Teams or collectives of academics, scientists, or scholars dedicated to studying specific subjects or conducting experiments in their field.