The Most Important of the Factors That Make a Firm

question 217

Multiple Choice

The most important of the factors that make a firm successful and that can be controlled by the firm's owners and managers are

• A)the establishment of trademarks for its products and the aggressive defence of those trademarks.
• B)lobbying government to erect or enforce entry barriers in its markets and the marketing of its products as widely as possible.
• C)the differentiation of its products and the production of products at a lower average cost than competing firms.
• D)the selection of the prices of its products and the selection of the most productive and loyal employees.

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Definitions:

Dissolved Phosphorus

Phosphorus that is in a soluble form in water, available to organisms for uptake and essential for biological processes such as energy transfer.

Decomposition

The process by which organic substances are broken down into simpler organic or inorganic matter, primarily by microbial action.

Trophic Level

The position an organism occupies in a food chain, based on its feeding habits.

Tertiary Consumers

Organisms that occupy the top level in a food chain by feeding on secondary consumers; they are typically predators.