For a Programmed Decision

question 28

Multiple Choice

For a programmed decision:

• A) alternatives are usually difficult to identify.
• B) alternatives are usually easy to identify.
• C) there are usually few alternatives.
• D) there are usually few alternatives and they are difficult to identify.
• E) there are no alternatives.

---

Definitions:

Price-taker Market

A market condition where individual buyers or sellers have no power to influence the price of the good or service, typically in a perfectly competitive market.

Average Total Cost

The total cost of production divided by the quantity produced, encompassing both fixed and variable costs.

Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.

Constant-cost Industry

An industry in which the costs of production, including the costs of inputs, do not change as the industry's total output changes.