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.

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Definitions:

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Elastic

A term often used in economics to describe a situation where the demand for a product or service significantly changes in response to a change in price.

Pricing Strategy

An approach businesses use to set the prices for their products or services, based on costs, market demand, competition, and other factors.

Marginal Revenue

The change in total revenue that results from selling one additional unit of product.