There Are Four Main Kinds of Performance Standard

question 27

Multiple Choice

There are four main kinds of performance standard. Determine which is being described: a measure of whether the operation is getting better or worse over time is a:

• A) Historical standard
• B) Target performance standard
• C) Competitor performance standard
• D) Absolute performance standard

---

Definitions:

Price Elasticity

A measure of the sensitivity of quantity demanded or supplied to changes in price, indicating how a price change can affect market equilibrium.

Quantity Demanded

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

Total Revenue

The overall amount of money generated by a business from its sales activities before any expenses are subtracted.

Total Revenue

The total income received by a firm from the sale of goods or services before any expenses are deducted.