Business Processes Are Collections of

question 19

Multiple Choice

Business processes are collections of

• A) informal practices and behaviors.
• B) formalized and documented practices.
• C) routines.
• D) rights and privileges.

---

Definitions:

Output

The quantity of goods or services produced in a given period by a firm, industry, or country.

Monopolies

Market situations where a single supplier dominates the supply of a particular good or service, limiting competition and potentially leading to higher prices and reduced innovation.

Entire Industry Supply

The total quantity of a specific good or service that is available to consumers from all producers in a particular industry.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping to the right.