Techniques Used to Monitor External Environments Include

question 96

Multiple Choice

Techniques used to monitor external environments include:

• A) hiring research organisations
• B) hiring the competition's employees
• C) government reports
• D) buying competitors' garbage
• E) All of these choices.

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Definitions:

Equilibrium

A state where supply equals demand in a market, resulting in an optimal distribution of goods and services.

Minimize Average Cost

The process of reducing the total cost per unit of goods or services produced.

Barriers To Entry

Obstacles that make it difficult for new firms to enter a market, which may include high start-up costs, regulatory hurdles, or strong competition.

Monopolistic Competition

Market in which firms can enter freely, each producing its own brand or version of a differentiated product.