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To Meet the Conflicting Demands of Efficiency and Customization, Organizations

question 32

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To meet the conflicting demands of efficiency and customization, organizations need to:


Definitions:

Quantity Demanded

The amount of a product that buyers are willing and able to purchase at a given price.

Excess Supply

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Price

is the amount of money required to purchase a good or service, serving as the exchange rate between money and the good or service.

Quantity Supplied

Quantity Supplied refers to the amount of a good or service that producers are willing and able to sell at a given price.

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