Anything External to an Organization's Boundaries Is Considered to Be

question 56

Multiple Choice

Anything external to an organization's boundaries is considered to be:

• A) of little importance.
• B) an environment.
• C) an enterprise resource system.
• D) an associative entity.

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Definitions:

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service, and what they end up spending.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.

Consumer Surplus

The contrast between the expected payment by consumers for a good or service and the actual price paid.

Market Supply

The total quantity of a good or service that producers are willing and able to sell at various prices during a given time period.