The Process of Comparing Outputs to Previously Established Standards to Determine

question 62

Multiple Choice

The process of comparing outputs to previously established standards to determine if corrective action is needed is called

• A)planning.
• B)directing.
• C)controlling.
• D)budgeting.
• E)disciplining.

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Definitions:

Perfectly Inelastic

A situation where demand does not change at all in response to changes in price.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a certain price over a specified period.

Price Effect

The impact on consumer demand and company revenue as the cost of a good or service changes.

Quantity Effect

The impact on total revenue that results from changing the quantity of goods or services sold, holding all else constant.