Today, Businesses Have Changed Dramatically Because

question 10

Multiple Choice

Today, businesses have changed dramatically because:

• A) the economy has shifted from a dependence on manufacturing to a focus on providing timely, quality service
• B) the global recession of the twentieth century
• C) the shift from traditional marketing to internet marketing
• D) of political changes in the world

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Definitions:

Perfectly Elastic

A term used in economics to describe a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

Expected Rates

Anticipated figures or percentages, often pertaining to finance, such as interest rates or returns on investment.

MU/P

The ratio of marginal utility to price, used to measure the additional satisfaction gained per unit of currency spent.

Competing Products

Goods or services that serve as alternatives to each other, satisfying the same need or want, and thus compete in the same market.