The Principle "Survival of the Fittest" Tells Us That

question 2

Multiple Choice

The principle "survival of the fittest" tells us that

• A)only the most innovative and adaptive firms are likely to survive competition.
• B)only the most innovative and adaptive firms are likely to attract more competition.
• C)only the least innovative and adaptive firms are likely to survive competition.
• D)only the most innovative and adaptive firms are likely to migrate to other products.

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Definitions:

Reference Price

A reference price is the price that consumers consider reasonable or fair for a product or service, which they use as a benchmark to evaluate the actual price.

Ribeye Steaks

A type of beef steak sliced from the rib primal of a beef animal, known for its rich marbling and flavor.

Fixed Cost

Costs that do not vary with the volume of production or sales, such as rent, salaries, or property taxes.

Advertising

The action of calling public attention to products, services, or events, mainly through paid announcements by an identified sponsor.