________ Functions Allow an Organization to Adjust to Changes in the Environment

question 86

Multiple Choice

________ functions allow an organization to adjust to changes in the environment.

• A) Maintenance
• B) Adaptive
• C) Support
• D) Production

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Definitions:

Elastic Demands

Demand for a product or service that significantly changes in response to price changes, indicating high price sensitivity among consumers.

Luxuries

Luxuries refer to goods or services that are considered non-essential but desirable and are often associated with higher quality and price points than necessities.

Price Elastic Demand

Describes a situation where the quantity demanded of a good or service significantly changes in response to a change in its price.

Close Substitutes

Goods or services that can serve as replacements for each other with little loss of utility to the consumer.