The More Elastic the Demand for a Product, the Less

question 76

True/False

The more elastic the demand for a product, the less elastic will be the demand for the resources employed in producing it.

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Definitions:

Refreezing Phase

This refers to the final stage in Lewin's change model where new behaviors or changes are solidified into the organization's culture, ensuring stability and longevity of the new status quo.

Internal Forces

Elements within an organization, such as employee attitudes or management decisions, that influence its operations.

Organizational Change

Involves modifications in the structures, strategies, policies, or culture of an organization to adapt to internal and external changes.

External Forces

Factors outside an organization that can impact its performance, such as economic conditions, competition, and regulatory changes.