With Increased Business Environment Instability, Strategy Has Become

question 40

Multiple Choice

With increased business environment instability, strategy has become:

• A)An exercise of "wet thumb", with low reliability
• B)Paradoxically, much easier to determine
• C)More concerned with the quest for success, and less with detailed plans
• D)More concerned with detailed plans, and less with the quest for success

Understand the role of heredity and environment in the development of personality.

Appreciate the influence of societal values and personal experiences on personality formation.

Identify the impact of specific cultural practices on personality traits.

Understand the variability in personality characteristics among individuals.

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Definitions:

External Costs

Costs incurred by a third party as a result of an economic transaction that are not reflected in the transaction's price.

Product Differentiation

A strategy in which one firm’s product is distinguished from competing products by means of its design, related services, quality, location, or other attributes (except price).

Economic Profits

Economic Profits represent the excess returns a firm makes above its opportunity costs, accounting for both explicit and implicit costs.

External Costs

Costs that are not borne by the producers or users of a good or service but by third parties or society at large, such as pollution.