To Supplement Backup Procedures, Businesses and Other Organizations Should Have

question 20

Multiple Choice

To supplement backup procedures, businesses and other organizations should have a(n) ____.

• A) insurance plan
• B) continuation rule
• C) disaster recovery plan
• D) survival guide

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Definitions:

Entry Barriers

Obstacles that prevent new competitors from easily entering an industry or market, such as high startup costs or stringent regulations.

Price Searcher

A firm or individual with the ability to control the price of the goods or services provided because of a lack of competition or the unique nature of the product.

Downward-sloping Demand

This concept describes the typical relationship in economics where, as the price of a good or service decreases, the quantity demanded increases, and vice versa.

Competitive Environment

A market setting where multiple firms are in rivalry to offer goods or services, driving innovation, efficiency, and choice.