Which of the Following Relates to the Skills Necessary to Identify

question 3

Multiple Choice

Which of the following relates to the skills necessary to identify and exploit elements of the business environment that can lead to profitable and sustainable business?

• A)Determination competencies
• B)Basic business competencies
• C)Resource competencies
• D)Opportunity competencies

---

Definitions:

Marginal Revenue

The extra revenue gained by selling an additional unit of a product or service.

Economies of Scale

Cost advantages that entities attain due to the scale of operation, with costs per unit of output generally decreasing with increasing scale.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance exceeding opportunity costs.