To Remain Competitive Today,many Companies Commit Themselves To

question 11

Multiple Choice

To remain competitive today,many companies commit themselves to:

• A) ​continuous improvement processes
• B) ​competitive strategic analysis by outside experts
• C) ​episodes of strategic planning
• D) ​a and c
• E) ​b and c

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Definitions:

Deadweight Loss

Deadweight loss represents the efficiency lost to an economy because of market inefficiencies or interventions, where resources are not allocated optimally.

Consumer Surplus

The misalignment between the price consumers are willing to allocate for a good or service and the price they actually allocate.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual market price they receive, representing the profit producers make.

Tax

A compulsory charge by the government on individuals or entities' income, property, or goods, used to fund public services and government obligations.