What factors under the control of owners and managers make a firm successful and allow it to earn economic profits?
Owners and managers control some of the factors that make a firm successful such as:______.
A, The goverment's ability to promote economic growth
B. Sheer chance
C. The role foreign oil plays in determining transportation costs
D. The firm's ability to produce at an average cost above the minimum long - run average cost
E. The firm's ability to differentiate its product

Question

27-11-2020
Business

contestada

What factors under the control of owners and managers make a firm successful and allow it to earn economic profits?
Owners and managers control some of the factors that make a firm successful such as:______.
A, The goverment's ability to promote economic growth
B. Sheer chance
C. The role foreign oil plays in determining transportation costs
D. The firm's ability to produce at an average cost above the minimum long - run average cost
E. The firm's ability to differentiate its product

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topeadeniran2 topeadeniran2 · Answer 1 · 2020-11-29T01:46:02+01:00

Answer: E. The firm's ability to differentiate its product

Explanation:

The factor under the control of owners and managers that make a firm successful and allow it to earn economic profits is the firm's ability to differentiate its product.

Product Differentiation has to do with making a product unique from that of its rivals so that it'll be attractive to the customers and the target market. This will slow be vital for the company to produce at a average cost that is lower than that of its competing firms. This will help the company to have a competitive edge over others.