The Competitive Strategy of an Organization Determines Its ________

question 72

Multiple Choice

The competitive strategy of an organization determines its ________.

• A)industry rivals
• B)short-term goals
• C)value chains
• D)structure

---

Definitions:

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.

Explicit Costs

Direct, out-of-pocket payments for goods and services required to run a business.

Accounting Profit

Sales minus explicit cost. Implicit costs are not considered.

Perfect Competition

A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information, where no single entity can influence market prices.