________ Is the Ability to Recognize Major External Changes, to Quickly

question 52

Multiple Choice

________ is the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision is not working.

• A) Strategic apprenticeship
• B) Strategic flexibility
• C) Strategic leadership
• D) Strategic acceptability

---

Definitions:

Collude

When firms work together, often in secret, to fix prices, limit production, or divide markets, in order to increase profits by reducing competition.

Cartel

An alliance of producers who agree to control prices, production, and marketing of their products to maximize collective profits.

Oligopoly Market

A market structure characterized by a small number of firms that dominate the market, often leading to limited competition.

Licensed to Sell

The authorization given to individuals or companies to engage in the selling of certain products or services.