As Opposed to Corporate Strategy,business Strategy Is Focused on

question 18

Multiple Choice

As opposed to corporate strategy,business strategy is focused on

• A)increasing the elasticity of consumer demand.
• B)the type of production technique to use.
• C)the type of industry to produce in.
• D)how to compete with other firms in the industry.

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Definitions:

Normal Profit

Normal profit is the minimum level of earnings necessary for a company to remain competitive in the market, covering its opportunity costs.

Market Equilibrium

A state where the supply of goods matches demand, leading to a stable price level for those goods.

Average Total Cost

The sum of all production expenses (both fixed and variable) divided by the overall output.

Total Variable Cost

The cumulative expenses that change in proportion to the level of goods or services produced.