What Term Best Refers to Fundamental Changes That Lead to Major

question 14

Multiple Choice

What term best refers to fundamental changes that lead to major shifts of competitive positions in a market?

• A)Jump
• B)Shock
• C)Alteration
• D)Bolt
• E)Shift

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Definitions:

Industry

A group of companies that operate in a specific sector of the economy, producing goods or services.

Cartel

A group of producers that agree to control prices and output levels to maximize collective profits, often at the expense of competition.

Industry Profits

The total earnings of companies within a particular sector, after subtracting the costs of production and operation.

Output

The total amount of goods or services produced by a firm or an economy.