The Emphasis on Long-Range and Future Goals Is Referred to as _________

question 20

Short Answer

The emphasis on long-range and future goals is referred to as _________ planning.

---

Definitions:

Demand Function

A mathematical formula that describes the relationship between the quantity demanded of a good and its various determinants such as price, income, and substitute prices.

Cournot Equilibrium Price

A concept in economics where firms reach a state in which each firm chooses the quantity to produce to maximize its profit, given the quantities chosen by other firms in the market.

Inverse Demand Function

A mathematical representation showing the relationship between the price of a good and the quantity demanded, expressed as price as a function of quantity.

Unit Cost

The cost incurred to produce, store, and sell one unit of a product or service.