Entering a New Industry Is an Example of _____ Decision

question 50

Multiple Choice

Entering a new industry is an example of _____ decision making.

• A) strategic
• B) tactical

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Definitions:

Industry-Wide Supply and Demand

The total quantity of goods and services that are available for purchase across an entire industry, alongside the total quantity that consumers are willing and able to buy within that industry.

Short-Run

A period in economics where at least one factor of production is fixed, and firms can't alter all inputs.

Long-Run

A period in economic theory during which all factors of production and costs are variable, allowing for full adjustment to changes.

Economic Profit

The gap between the total earnings of a business and all its costs, encompassing out-of-pocket and opportunity costs.