The First Step in the Control Process Is to ________

question 123

Multiple Choice

The first step in the control process is to ________.

• A)take action
• B)measure actual performance
• C)compare performance against a standard
• D)compare a standard against an ideal

---

Definitions:

Elastic Demand

A situation in which the demand for a product is highly responsive to changes in its price.

Arbitrage

The practice of profiting from a price difference between two or more markets, transferring a commodity or financial instrument from a lower-priced market to a higher-priced one.

Inelastic Demand

A situation in economics where the change in the price of a good or service has little to no effect on the quantity demanded by consumers.

Total Revenue

The total amount of money a firm receives by selling goods or services.