Which of the Following Statements Is False

question 153

Multiple Choice

Which of the following statements is false?

• A) An upward-sloping supply curve graphically represents the law of supply.
• B) A vertical supply curve graphically represents the law of supply.
• C) If income rises and good X is a normal good,then the demand for good X will rise.
• D) If income falls and good Y is an inferior good,then the demand for good Y will rise.

Understand the concept of core capabilities and their components within an organization.

Recognize the importance of environmental scanning in the strategic planning process.

Appreciate the strategic intent and alignment of organizational activities towards strategic goals.

Understand the role of human resource management in strategy implementation, including SWOT analysis and workforce alignment.

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than competitors.

Absolute Advantage

The ability of an individual, firm, or country to produce more of a good or service than competitors using the same amount of resources.

Shoemaking

is the craft or industry involved in the design, production, and repair of shoes, including both traditional techniques and modern manufacturing.

Opportunity Cost

Opportunity cost represents the value of the best alternative that is foregone when making a choice, highlighting the trade-offs involved in any decision.