If a Small Business Is to Maintain Its Performance Over

question 2

Multiple Choice

If a small business is to maintain its performance over time, it is essential to:

• A)continue to reinvent themselves.
• B)extend the competitive advantage of the business.
• C)replicate the strategies that have led to success in the past.
• D)retain the personnel who made the business successful in the first place.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Quantity Supplied

The total amount of a specific good or service that is available for purchase at a given price and time.

Product Shortage

A situation where the demand for a product exceeds the supply available in the market.

Quantity Demanded

The total amount of a good that consumers are willing and able to purchase at a given price in a specified period.