Competitive Firms Will Always Try to Earn More Than a Normal

question 133

Multiple Choice

Competitive firms will always try to earn more than a normal profit by doing the following except

• A)adopting better production technology.
• B)improving their business organization and operation.
• C)developing new products.
• D)raising the prices of their existing products.

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Definitions:

Fringe Benefits

Additional compensation provided to employees beyond their normal wages or salaries, which might include health insurance, pensions, or paid time off.

Highly Qualified Workers

Employees who possess advanced education, specialized skills, and/or extensive experience relevant to their jobs, making them exceptionally proficient in their roles.

Inventory Control

The supervision of supply, storage, and accessibility of items in order to ensure an adequate supply without excessive oversupply.

Just The Right Size

"Just The Right Size" refers to an organization or system designed to meet its objectives efficiently without excess capacity or resources, optimizing performance.