For Years, Economists Believed That Market Structure Explained the Ability

question 199

Multiple Choice

For years, economists believed that market structure explained the ability of some firms to earn economic profits.Today, economists and business strategists put greater emphasis on

• A)the number of years a firm has been in business and the average price of the products sold by the firm.
• B)the number of countries in which a firm conducts business and the number of employees the firm has in each country.
• C)the characteristics of individual firms and the strategies their managements use to continue to earn economic profits.
• D)the size of a firm relative to the industry average and the number of firms in the domestic industry.

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Definitions:

Leading Behaviors

Refers to actions and practices by individuals in leadership positions that influence and guide the behavior of their followers.

Outcome Driven

Focuses on achieving specific results or goals, prioritizing end results over the process used to achieve them.

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A business specializing in designing, creating, and maintaining outdoor spaces and gardens.

School Board

An elected or appointed body that oversees the policies, plans, and administration of a school district or educational system.