____ are defined as fundamental and comprehensive changes introduced to the formal and informal rules of the game that affect organizations as players.

Question

Quizplus · Accepted Answer

Institutional transitions refer to fundamental and comprehensive changes introduced to the formal and informal rules of the game that affect organizations as players. These transitions bring about new norms, values, and beliefs that shape the behavior of organizations in a particular industry or society. They have a significant impact on the competitive landscape, transaction costs and can even create new opportunities for businesses. Therefore, option C is the correct answer. Institutional transitions are defined as fundamental and comprehensive changes introduced to the formal and informal rules of the game that affect organizations as players. Opportunities refer to favorable circumstances that are external to the organization and can be exploited for potential gain. Transaction costs refer to the costs associated with exchanging goods, services, or resources. Costs of doing business refer to the expenses incurred by a company in order to operate its business.

____ Are Defined as Fundamental and Comprehensive Changes Introduced to the Formal