To Compete in the Marketplace,firms Need to What Resources to Achieve,profit,and

question 6

Multiple Choice

To compete in the marketplace,firms need to what resources to achieve,profit,and survive?

• A) technology, human, and inventory
• B) physical, human, and technology
• C) financial, technology, and inventory
• D) physical, organizational, and human

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Definitions:

Profit Maximization

The technique a firm applies to set the price and production level for the best profit return.

Price

The sum of money needed to buy a product, service, or asset.

Quantity

The quantity of a tangible or intangible product or service.

Inelastic Region

The inelastic region on a demand curve represents a range where a change in price has little to no effect on the quantity demanded of a good or service.