Suppose an Increase in the Price of Rubber Coincides with an Advance

question 112

Multiple Choice

Suppose an increase in the price of rubber coincides with an advance in the technology of tire production. As a result of these two events, the demand for tires

• A)decreases, and the supply of tires increases.
• B)is unaffected, and the supply of tires decreases.
• C)is unaffected, and the supply of tires increases.
• D)is unaffected, and the supply of tires could increase, decrease, or stay the same.

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Definitions:

Company's Commitment

The dedication and loyalty a company demonstrates towards its goals, employees, and ethical standards.

Policy

A deliberate system of principles to guide decisions and achieve rational outcomes in an organization or government.

Organizing

Organizing divides up tasks and arranges resources to accomplish them.

Controlling

Controlling, in management, involves monitoring performance, comparing it with goals, and taking corrective action as needed to ensure achievement of objectives.