In Order to Focus on Its Area of Core Competency,a

question 72

Multiple Choice

In order to focus on its area of core competency,a firm relies on _____

• A)government intervention and the bounded rationality of its managers.
• B)the market price and the minimum efficient scale of production.
• C)economies of scope.
• D)the division of labor and the law of comparative advantage.
• E)the vertical integration of its production process.

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Definitions:

Operations

The day-to-day activities and processes undertaken by a business to produce goods or provide services efficiently and effectively.

Legal Responsibility

The obligation to act according to the law, being subject to legal penalties or liabilities for failing to do so.

Corporate Behaviour

Refers to the actions and policies of a company, influencing its culture and external perceptions.

External Regulations

Rules, laws, and guidelines imposed by external entities that an organization must comply with.