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The Hardest Thing for an Organization to Do Is to Develop

question 115

Short Answer

The hardest thing for an organization to do is to develop its competitive advantage into ______________ competitive advantage, where the organization's strengths cannot be easily duplicated or imitated by other firms, nor made redundant or less valuable by changes in the external environment.

Understand the concept of perfect competition in input and output markets.
Calculate and analyze the average and marginal product of labor.
Interpret the effects of wage changes on consumer's choice between income and leisure.
Determine the marginal revenue product of labor.

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