The Aggregation of Factors That Sets a Company Apart from Its

question 52

Multiple Choice

The aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market, superior to its competition, is its:

• A) mission statement.
• B) competitive advantage.
• C) competitive profile.
• D) strategic plan.

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Definitions:

Perfectly Competitive

A market structure characterized by many small buyers and sellers, identical products, and no barriers to entry or exit.

Profit Maximizing

The strategy or technique of optimizing production and pricing for the utmost profit.

AVC Curve

The Average Variable Cost curve, showing the per-unit variable cost of production at different levels of output.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.