Hiring People Who Are Efficient,trainable,and Willing to Follow Standardized Procedures

question 13

Multiple Choice

Hiring people who are efficient,trainable,and willing to follow standardized procedures would support a(n) ________ competitive advantage.

• A)product leadership
• B)operational excellence
• C)customer intimacy
• D)training and development

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Definitions:

First-Degree Price Discrimination

A pricing strategy where a seller charges each customer the maximum price they are willing to pay, capturing all consumer surplus.

Inverse Demand Function

A mathematical representation that describes how demand for a product varies inversely with changes in its price.

Consumer's Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Used Cars

Pre-owned vehicles that have had one or more retail owners, sold through various outlets, including franchise and independent car dealers.