Asked by Melody Walls on Jul 19, 2024
Verified
Small business is able to react less quickly to new and changing markets than is large business with its increased economies of scale.
Economies Of Scale
Refers to the cost advantage that arises with increased output of a product, where the per-unit cost decreases as the production scale becomes larger.
- Compare the adaptability and market response times of small and large businesses.
Verified Answer
MT
Monica ToscanoJul 21, 2024
Final Answer :
False
Explanation :
Small businesses often have more flexibility and can adapt more quickly to new and changing markets compared to large businesses, which may have more bureaucratic processes and structures.
Learning Objectives
- Compare the adaptability and market response times of small and large businesses.