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Which of the following is an advantage that small firms have over large businesses? The ability...

Which of the following is an advantage that small firms have over large businesses?

The ability to produce services and products quickly and cheaply

Significant financial resources slack

The ability to respond quickly to changes

Critical knowledge spread across the firms' human resources pool
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Answer #1

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Option 3

The ability to respond quickly to changes

A small firm can respond quickly to changes in the market as a small firm has small fixed costs and the fixed variable may be changed faster than the large firms so it can respond faster but it also has financial risks and may incur more costs than large firms.

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