On an Afternoon That a Class Meets, You Could Alternatively

question 364

Multiple Choice

On an afternoon that a class meets, you could alternatively study for an exam that will take place in another class the next morning, go to a movie with a friend, or, most desirable to you at present, take a nap. The opportunity cost of attending the afternoon class is

• A) forgoing the nap.
• B) missing seeing the movie with your friend.
• C) giving up the time to study for the next morning's exam.
• D) being unable to engage in all three of the above activities.

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Definitions:

Generic Competitive Strategies

Framework described by Michael Porter that outlines three potential strategies for achieving competitive advantage: cost leadership, differentiation, and focus.

Competitive Environment

The dynamic external system in which businesses compete with each other for customers, resources, and market share.

Competitive Strategy

A long-term plan developed by a company to gain a competitive advantage over its rivals in the industry.

Strategic Leadership

A style of leadership focused on setting long-term visions, creating sustainable competitive advantages, and guiding an organization through strategic changes.