Competency Must Be the Primary Consideration in Managing Diversity

question 67

True/False

Competency must be the primary consideration in managing diversity.

---

Definitions:

Normal Profits

The minimum level of profit needed for a company to remain competitive in the market, often considered as the break-even point.

Pure Competition

A market structure characterized by a large number of small firms, homogeneous products, and ease of entry and exit, leading to price taking behavior.

Production Costs

The total expense incurred in manufacturing a product or providing a service, including materials, labor, and overhead costs.

Pure Competition

A market structure characterized by a large number of small firms producing identical products with no barriers to entry or exit.