Why Is Information Strategically Important for Organizations

question 23

Multiple Choice

Why is information strategically important for organizations?

• A) Information can be used to obtain first-mover advantage.
• B) Information is derived from perceived knowledge, which limits its availability.
• C) Information cannot be used as a medium of exchange.
• D) Information creates suboptimization opportunities.
• E) All of these are examples of why information is strategically important for organizations.

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Definitions:

Lowest Price

the minimum price at which a product or service is offered in the market.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive, due to higher market prices.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.

Efficiency

The ability to produce maximum output with a given set of inputs or resources, minimizing waste and costs.