The Major Difference Between Businesses and Nonprofit Organizations Is That

question 82

True/False

The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living, while only nonprofit organizations can improve the quality of life.

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Definitions:

Above Average Profits

Earnings that surpass the norm or average level within a particular industry or market.

Perfectly Elastic Demand

A market situation where demand for a product can drastically change to infinity with the slightest change in its price.

Inelastic Demand

A situation where the demand for a product does not change significantly with a change in price.

More Elastic Demand

A situation where the demand for a product is more sensitive to changes in price, meaning quantities demanded change significantly even with small price fluctuations.