Managers Today Are Concerned Because Technologically Speaking, the _____ Has

question 128

Short Answer

Managers today are concerned because technologically speaking, the _____ has given more power to customers and enabled them to directly impact an organization.

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied equals the quantity demanded at the market equilibrium price.

Efficiency

The optimal use of resources to achieve the desired outcome with minimal waste or effort.

Equity

Refers to fairness or justice in the distribution of wealth, resources, and opportunities.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society.