Competition Is a Force for Change Because Unless an Organization

question 8

True/False

Competition is a force for change because unless an organization matches or surpasses its competitors in at least one competitive area, it will not survive.

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Definitions:

Total Product

Total product refers to the total quantity of output produced by a firm within a given period as a result of inputs like labor and capital.

Average Product

The output per unit of input, calculated by dividing total product by the number of units of input.

Marginal Product

is the additional output that results from using one more unit of a particular input, holding other inputs constant.

Average Product

The output produced per unit of input, calculated by dividing total output by the number of units of input.