When Uncertainty Is High and Management Must Maintain Flexibility, Which

question 82

Multiple Choice

When uncertainty is high and management must maintain flexibility, which of the following types of plans are preferable?

• A)specific plans
• B)no plans
• C)directional plans
• D)long- term plans

---

Definitions:

Firm's Output

The total quantity of goods and services produced by a company during a specific period.

Short Run

A timeframe in economics during which at least one factor of production is fixed, allowing only some variables to change in response to changes in demand or other influences.

Long Run

An economic interval where all production elements and expenses can fully adapt, as they are changeable, permitting comprehensive adjustments to any variations.

Short Run

A period in economic analysis where at least one production factor is fixed, limiting the ability of the economy or business to adjust immediately.