A Small Business's "Aggregation of Factors That Sets It Apart

question 116

Multiple Choice

A small business's "aggregation of factors that sets it apart from its competitors" is its:

• A)strategic plan.
• B)competitive advantage.
• C)vision.
• D)competitive strategy.

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Definitions:

Positive Output

The result of production processes or economic activities that yield a beneficial or productive outcome.

Production Function

An equation or formula that describes the relationship between inputs (like labor and capital) and the output of goods or services.

Factor Prices

The prices of the inputs used in the production process, such as labor and capital.

Production Function

An equation that specifies the output that a firm can produce with varying combinations of inputs, such as labor and capital.