_________ Is the Term Used to Describe Those Functions That

question 239

Multiple Choice

_________ is the term used to describe those functions that a firm can do as well or better than others.It agrees to perform these functions in-house,rather than outsourcing.

• A)Benchmarks
• B)Standard responsibilities
• C)Operational requirements
• D)Core competencies

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Definitions:

Perfectly Inelastic

A market situation where the quantity demanded or supplied is completely unresponsive to price changes.

Demand Determined

A market characteristic where the quantity of products or services provided is primarily set by the level of demand.

Fixed Supply

A situation where the quantity of a specific good available in the market cannot be altered in the short term.

Labor Productivity

A measure of economic performance that compares the amount of goods and services produced with the number of hours worked.