Contingency Planning Means

question 65

Multiple Choice

Contingency planning means:

• A) Allotting more time for the solving of problems.
• B) Thinking in advance about possible problems and having anticipated solutions.
• C) Solving problems after they happen with the best possible solution.
• D) None of the above.

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Definitions:

Price Inelastic

Describes a situation where the demand for a good or service does not significantly change with a change in its price.

Trail Bikes

are specifically designed bicycles for off-road cycling, built to handle rugged trails and terrain.

Customizes

Refers to the process of making or altering something according to the user's individual preferences or needs.

Dynamic Pricing

A pricing strategy that allows businesses to adjust prices in real-time based on market demand, competition, and other factors.