_{3 In terms of environmental complexity, environments have few environmental}

question 7

Multiple Choice

_{3. In terms of environmental complexity, environments have few environmental factors, whereas}
Environments have many environmental factors.

• A) non-competitive; competitive
• B) simple; complex
• C) stable; dynamic
• D) scarce; abundant
• E) market-oriented; product-oriented

---

Definitions:

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Selling Price

The amount of money for which something is sold or offered for sale to a buyer.

Marked Down

A reduction in the price of goods to stimulate sales or clear out inventory.

Operating Expense

Operating expense includes all necessary expenditures that a business incurs as a result of performing its normal business operations, excluding the cost of goods sold.