No Two Firms Possess Identical Resources and This Is Known

question 3

Multiple Choice

No two firms possess identical resources and this is known as:

• A) Resource heterogeneity
• B) Resource homogeneity
• C) Resource heteroscedasticity
• D) Resource profiling

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Definitions:

Price Elasticity

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

Marginal Cost

The additional charge associated with manufacturing an extra unit of a product or service.

Fixed Costs

Costs that do not vary with the level of output or production, such as rent, salaries, and insurance premiums.

Marginal Revenue

The additional income from selling one more unit of a good or service.