If a 21st Century Organization Can Manage Its _______ Better

question 37

Multiple Choice

If a 21st century organization can manage its _______ better than its competitors, it has a much greater chance of being successful-more profitable and productive than its competitors-and of creating a competitive advantage.

• A)equipment
• B)facilities
• C)human resources
• D)consumables
• E)environment

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Definitions:

Purely Competitive

A market structure characterized by a large number of small firms, homogeneous products, and free entry and exit, leading to price takers rather than price makers.

Imperfectly Competitive

Describes a market structure where firms have some degree of market power and can influence prices, unlike in perfect competition.

Purely Competitive

A market structure characterized by a large number of small firms, homogenous products, and easy entry and exit, leading to firms being price takers.

Resource Demand Curve

A graphical representation showing the relationship between the price of a resource and the quantity of the resource demanded by employers.