If the Price of Bubble Gum Changed in the Market

question 275

Multiple Choice

If the price of bubble gum changed in the market from 1 cent to 1.5 cents and Joe's Market didn't change the price it charges for the bubble gum, this behavior is likely due to

• A)discretionary policy.
• B)economic laziness.
• C)large menu costs.
• D)small menu costs.

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Definitions:

Ingenuity

The quality of being clever, original, and inventive in problem-solving or creating solutions.

Innovation Process

A sequence of activities involved in creating and implementing new ideas, products, or ways of doing things within an organization.

Organizational Survival

The ability of an organization to continue to exist and develop in its competitive environment over time, adapting to changes and overcoming challenges.

Societal Goals

Reflect the intended contributions of an organization to the broader society.