Which of the Following Statements Concerning the Impact of Competition

question 99

Multiple Choice

Which of the following statements concerning the impact of competition on a small company's prices is true?

• A)When setting prices, a business owner must either match or beat competitors' prices on similar products or services.
• B)Because federal laws prohibit the practice as an unfair trade practice, business owners should not monitor their rivals' prices on identical items.
• C)When going up against larger, more powerful rivals, small firms should consider using nonprice competition as a way to differentiate their products or services rather than head-to-head price competition.
• D)All of the above

Define and understand strategic human resources management (SHRM) and its implications.

Develop evaluation criteria for training programs using specific organizational contexts.

Describe work-integrated learning and its significance for organizations and governments.

Understand the components and calculations involved in determining the financial needs and health of a venture.

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Definitions:

Excessive Stress

A harmful level of stress that can lead to physical, mental, and emotional health issues.

Tax System

The legal framework that outlines how taxes are collected, managed, and spent by the government.

Revenue

The overall revenue produced by a corporation through its primary business of selling goods or services.

Consumer Surplus

The variance between the price consumers are prepared to pay for a product or service and the price they actually incur.