Intensity of Competition ________ in Lower-Return Industries

question 18

Multiple Choice

Intensity of competition ________ in lower-return industries.

• A) is lowest
• B) is nonexistent
• C) is highest
• D) is not important
• E) fluctuates

Appreciate the importance of managing diversity within organizations to remain competitive.

Understand the implications of high and low uncertainty avoidance cultures on business practices.

Understand the concept and importance of organizational culture.

Identify the processes of internal and external adaptation within organizations.

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Definitions:

Gasoline Prices

The cost per unit of gasoline, influenced by factors like crude oil prices, taxes, and demand.

Shift

In economics, a movement or change in the position of a supply or demand curve in response to external factors.

MC, AVC, ATC Curves

Graphical representations in economics of the marginal cost, average variable cost, and average total cost, respectively, which firms use for production and pricing decisions.

Economies of Scale

Cost advantages that businesses obtain due to the scale of operation, with cost per unit of output generally decreasing with increasing scale.