Which of the Following Statements About Resource Allocation Is Correct

question 102

Multiple Choice

Which of the following statements about resource allocation is correct?

• A)Within a firm, resources are allocated by prices; in the market, resources are allocated by the decisions of managers.
• B)Resources are allocated by prices both in the market and within the firm.
• C)Within a firm, resources are allocated by the decisions of managers; in the market, resources are allocated by prices.
• D)Resources are allocated by the decisions of managers both within the firm and in the market.
• E)In the market, resources are allocated either by prices or by the decisions of managers.

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Definitions:

New Product

An item or service that has been recently developed or introduced to the market.

Organizing

Process of blending human and material resources through a formal structure of tasks and authority; arranging work, dividing tasks among employees, and coordinating them to ensure implementation of plans and accomplishment of objectives.

Anticipate Future

The act of predicting or expecting upcoming events or trends, allowing individuals or organizations to prepare or adjust accordingly.

Costly Mistakes

Costly Mistakes are errors or poor decisions that result in significant financial loss or damage.