State the Difference Between Operating Capabilities and Dynamic Capabilities

question 23

Short Answer

State the difference between operating capabilities and dynamic capabilities.

Understand the latent functions of educational institutions.

Analyze the role of IQ tests and their implications.

Discuss the influence of educational institutions on social stratification and inequality.

Understand the relationship between educational attainment and professionalization.

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Definitions:

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for significant competition but with a degree of product differentiation.

Product Differentiation

The process by which companies distinguish their products from those of competitors in the eyes of consumers by varying design, quality, or other attributes.

Monopolistically Competitive

A market structure in which many companies sell products that are similar but not identical, allowing for competition based on price, quality, and branding.

Market Price

Today's rate at which a service or asset is being offered for buying or selling.