A Small Firm's Basic Path to the Future Is Spelled

question 58

Multiple Choice

A small firm's basic path to the future is spelled out in a document called a

• A)feasibility study.
• B)short-range plan.
• C)budget.
• D)strategic plan.

---

Definitions:

Calculate Elasticity

The process of determining the measure of responsiveness of the quantity demanded or quantity supplied of a good to a change in one of its determinants, such as price or income.

Unit Elastic

A situation in economics where a change in the price of a good leads to a proportional change in quantity demanded or supplied.

Total Revenue

Total revenue refers to the entire amount of money generated by a firm or entity from its business activities, such as sales of goods or services, before any expenses are subtracted.

Ideally

In a perfect or most suitable way, often used to describe an optimal condition or scenario.