Rather Than Attempting to Fix Existing Problems Through Minor Adjustments

question 58

True/False

Rather than attempting to fix existing problems through minor adjustments and the fine-tuning of existing processes,the key to reengineering is to ask,"If this were a new company,how would we run this place?"

---

Definitions:

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared and capable of buying at a certain price point.

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell, creating a balanced market situation.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels, at a given point in time.

Supply

The total amount of a good or service available for purchase at any given price.