Which of the Following Is Not an Example of an Economic

question 158

Multiple Choice

Which of the following is not an example of an economic trade-off that a firm has to face?

• A)whether it is cheaper to produce with more machines or with more workers
• B)whether it is to outsource the production of a good or service
• C)whether or not consumers will buy its products
• D)whether it should produce more of its product

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Definitions:

Mission Statement

A short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.

Organizational Needs

The requirements or necessities that an organization must meet to achieve its goals and objectives effectively.

Product Focus

A business strategy that prioritizes the development, improvement, and marketing of its products above other considerations.

Mission Statement

A written declaration of an organization's core purpose and focus that normally remains unchanged over time.