If a Firm's Competitive Strategy Is to Be a Cost

question 35

True/False

If a firm's competitive strategy is to be a cost leader,then business activities need to be developed to provide essential functions at the lowest possible cost.

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Definitions:

FLSA

The Fair Labor Standards Act, a U.S. labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.

Minimum Wage

The lowest legal hourly pay that employers can give to workers, set by government law.

Comparable-Worth Policy

A principle advocating for equal pay for work of equal value across different job categories, particularly for gender pay equity.

Free-Market Economy

An economic system where prices for goods and services are determined by the open market and consumers, with minimal government intervention.