A Core Competency Is Something a Firm Does Extremely Well

question 84

True/False

A core competency is something a firm does extremely well, sometimes so well that it gives the company an advantage over its competition.

---

Definitions:

Utility Function

A mathematical representation that assigns a level of utility or satisfaction to different bundles of goods, allowing preferences to be compared quantitatively.

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, meaning that the consumer has no preference for one bundle over the other.

Apples

Commonly refers to the fruit of the apple tree, but in economic terms, it can represent a simple, tangible commodity for analysis.

Bananas

A fruit that is long and curved with a soft, sweet flesh covered by a yellow peel when ripe, commonly consumed worldwide.