________ Are the Specific Goals That Managers Want to Achieve

question 111

Multiple Choice

________ are the specific goals that managers want to achieve over a 5- to 10-year horizon.

• A)Strategic plans
• B)Long-term objectives
• C)Short-term objectives
• D)Tactics

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Definitions:

Natural Monopolies

Industries where a single firm can supply a good or service to an entire market at a lower cost than two or more firms could, often due to economies of scale.

High Set-up Costs

Initial investments or expenses that are necessary to start a business or manufacturing process, which can act as a barrier to entry for new firms.

Industry

A sector of the economy that produces a specific type of goods or services, characterized by shared production processes or products.

Exclusive Right

A legal provision or agreement granting someone the sole authority to use, sell, or license a product, service, or intellectual property.