Which of the Following Examples Illustrates a Firm That Has

question 40

Multiple Choice

Which of the following examples illustrates a firm that has achieved competitive advantage through technology?

• A) A firm that invests less on its production processes
• B) A firm that focuses on producing zero defect products
• C) A firm that uses patented expertise in developing a nuanced product
• D) A firm that spends very less on advertising and promotional costs
• E) A firm that caters to only a selected few customer needs

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Definitions:

Government Policy

Actions or inactions chosen by government officials to address specific public issues, ranging from economic regulations to social welfare programs.

Natural Rate

Often refers to the natural rate of unemployment, which is the level of unemployment consistent with a stable rate of inflation, or the equilibrium rate unaffected by short-term fluctuations.

Fully Employed

Refers to a situation where all available labor resources are being used in the most economically efficient way.

GDP

Gross Domestic Product, the total market value of all final goods and services produced within a country in a specific time period.