Managing in the Dynamic, Chaotic World of Global Competition, Organisations

question 67

Multiple Choice

Managing in the dynamic, chaotic world of global competition, organisations must create new products and services ________.

• A)at competitive prices and in the correct location
• B)and adopt teams as the best way to improve the organisation
• C)and adopt state-of-the-art technology if they are to compete successfully
• D)as frequently as possible
• E)that offer the customer what they want

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Definitions:

Equilibrium Price

The cost at which the volume of goods available equals the volume desired by buyers in the market.

Equilibrium Quantity

The quantity of a good or service demanded and supplied at the equilibrium price, where market supply and demand balance each other.

Bushels

A unit of volume used primarily in agriculture to measure quantities of grain, fruit, or other produce.

Equilibrium Level

The point at which market supply and demand balance each other, and as a result, prices become stable.