One Advantage of External Recruiting Is That Newer Ideas and Novel

question 48

True/False

One advantage of external recruiting is that newer ideas and novel ways of problem-solving may emerge.

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Definitions:

Competitive Price-searcher Market

A market structure where firms have some control over the pricing of their products because their products are differentiated, but there is intense competition due to low entry barriers.

Economic Profit

The total revenue of a business minus both explicit and implicit costs.

Long-run Equilibrium

A state in which all firms in a market are making normal profits, with no incentive for entry or exit, indicating a stable market condition.

Competitive Price-searcher Market

A market condition where firms have some power to set prices due to product differentiation, yet must actively seek out the best prices and competition exists.