The Two Essential Needs That Compel Senior Executives to Develop

question 11

Multiple Choice

The two essential needs that compel senior executives to develop specific strategies for their organizations are

• A) to react to changes in the environment and respond to new legislation
• B) to resolve issues in emerging markets and keep customers satisfied
• C) to actively shape how a business will be conducted and to mold a coordinated approach across the company
• D) to actively downsize the business and meet shareholder needs

---

Definitions:

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Elastic the Supply Curve

Describes a situation where the supply of a good or service changes significantly in response to changes in price.

Normal Good

A good for which demand increases as the income of consumers increase, holding other factors constant.

Inferior Good

A type of good for which demand decreases as the income of individuals increases, inverse to typical goods.