Which of the Following Must a Firm in a Market

question 104

Multiple Choice

Which of the following must a firm in a market economy do today to succeed?

• A)Produce the goods and services that consumers want at a lower cost than consumers themselves can produce.
• B)Organize the factors of production into a functioning, efficient unit.
• C)Have access to sufficient funds.
• D)Market firms today must do all of these things.

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Definitions:

High-Performance

describes systems or individuals that operate exceptionally well, surpassing standard expectations.

Process Innovation

The implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment, and/or software.

Reverse Innovation

An innovation seen first, or likely to be used first, in the developing world before spreading to industrialized nations.

Outsourced

The act of hiring external organizations or individuals to perform tasks, handle operations, or provide services that are either difficult to manage or are outside of the business's core competencies.