Demand Is Said to Be Price Elastic If

question 52

Multiple Choice

Demand is said to be price elastic if

• A)the price of the good responds substantially to changes in demand.
• B)demand shifts substantially when income or the expected future price of the good changes.
• C)buyers do not respond much to changes in the price of the good.
• D)buyers respond substantially to changes in the price of the good.

Understand conflict management strategies and their appropriateness in various situations.

Recognize the role of trust in conflict resolution and team dynamics.

Analyze the impact of conflict on organizational performance.

Describe negotiation as a conflict resolution technique.

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Definitions:

Budgeting Process

The activity of preparing a detailed financial plan for achieving the financial and operational goals of an organization.

Prime Costs

The combined costs of direct materials and direct labor that are directly attributable to the production of goods.

Production Budget

A Production Budget is an estimate of the number of units that must be manufactured to meet sales goals and, therefore, it details the cost of raw materials, labor, and other resources necessary for production.

Finished Goods

Products that have completed the manufacturing process and are ready to be sold to customers.