Exhibit 3-6 Milk Market In Exhibit 3-6, Which of the Following Is  True  About

question 36

Multiple Choice

Exhibit 3-6 Milk market $$\begin{array} { | c | c | c | } \hline \text { Price per Quart } & \begin{array} { c } \text { Quantity Demanded } \\\text { (Quarts per week) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Quarts per week) }\end{array} \\\hline 0.70 & 20 & 180 \\0.60 & 60 & 140 \\0.50 & 100 & 100 \\0.40 & 140 & 60 \\0.30 & 180 & 20 \\& & \\\hline\end{array}$$ In Exhibit 3-6, which of the following is  true  about the milk market?

• A) At price 0.60 there is an excess demand of milk.
• B) At price 0.40 there is an excess supply of milk.
• C) At price 0.70 there is an excess supply of milk.
• D) At price 0.50 there is an excess demand of milk.

Recognize the common strategic responses of organizations to their environment.

Describe the impact of the environment on organizations and how this interaction is managed.

Discuss the concept of vertical and horizontal division of labour within an organization.

Explain how organizational goals, missions, and objectives guide strategic decisions.

---

Definitions:

Net Operating Income

The total earnings from a company's operations, after subtracting operating expenses but before interest and taxes.

Performance Evaluation

The process of assessing and reviewing an employee's or organization's work performance and outcomes against established standards or objectives.

Labor Efficiency Variance

The difference between the actual labor-hours taken to complete a task and the standard hours allowed for the actual output, multiplied by the standard hourly labor rate.

Standard

A benchmark or guideline used to measure or set the quality, quantity, or value of products or processes.