If Prices of Goods and Services Quickly Adjusted to Demand

question 20

Multiple Choice

If prices of goods and services quickly adjusted to demand shocks, then

• A)firms would find it difficult to produce at their optimal output rates.
• B)output rates would quickly adjust to changes in demand.
• C)firms would find it easier to produce at their optimal output rates.
• D)the economy would experience severe short-run fluctuation.

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Definitions:

Organization Design

The process of structuring an organization's roles, responsibilities, and systems to effectively achieve its goals.

Organizational Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution or organization.

Change Management

The approach and processes used by organizations to manage the impact of new business processes, changes in organizational structure, or cultural changes within an enterprise.

Creating A Vision

The process of developing a clear, inspiring, and future-oriented goal or set of goals.