Which of the Following Forms a Component of the Specific

question 2

Multiple Choice

Which of the following forms a component of the specific environment of an organization?

• A) The suppliers
• B) The political component
• C) The technological component
• D) The customers

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Definitions:

Willing To Pay

The maximum amount a consumer is ready to spend on a good or service, reflecting the value they place on it.

Minimum Prices

A price floor set by the government, ensuring that goods and services cannot be sold below this level, typically to protect producers.

Demand-Side Market Failures

Underallocations of resources that occur when private demand curves understate consumers’ full willingness to pay for a good or service.

Supply Curve

Represents the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply to the market.