Which of the following is an example of a factor that a firm's owners and managers can control in making the firm successful?
A)the ability to produce the product at a lower cost
B)changing consumer tastes
C)a rise in the price of a key input, for example, a rise in the price of oil leads to higher energy costs
D)the number of competitors in the market

Question

Quizplus · Accepted Answer

The ability to produce the product at a lower cost is a factor that the firm's owners and managers can control through implementing cost-saving measures such as using more efficient production techniques or negotiating better deals with suppliers. Changing consumer tastes, a rise in the price of a key input, and the number of competitors in the market are factors that are largely beyond the control of the firm's owners and managers.

Which of the Following Is an Example of a Factor