The Ability of an Organization to Respond Quickly to Changes

question 17

Multiple Choice

The ability of an organization to respond quickly to changes in the quantity and type of demand is called _____.

• A) utility
• B) reliability
• C) demand variability
• D) volume flexibility

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Definitions:

Bankruptcy

A judicial mechanism enabling individuals or entities incapable of fulfilling their monetary commitments to obtain exemption from part or entire of their debts.

Business Owner

An individual or entity that legally possesses a company, is responsible for its operations, and enjoys the benefits of its success.

Penniless

Refers to having no money; being very poor.

Capacity

The maximum level of output that a company can sustain to produce in a given period under normal circumstances.