Success in Making Corrective Actions Does NOT Depend on

question 101

Multiple Choice

Success in making corrective actions does NOT depend on

• A)recognizing that unsatisfactory performance may be due as much or more to flawed strategy as to weak strategy execution.
• B)good implementation of the corrective actions that are initiated.
• C)the exercise of good business judgment in deciding what actions to take.
• D)a thorough analysis of the situation.
• E)an action plan for executing strategy that enables managers to foresee all the problems that will arise.

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Definitions:

Demand

The desire to purchase goods and services backed by the ability and willingness to pay a certain price.

Consumer Surplus

The gap between the total price consumers are ready and able to spend on a good or service and what they actually spend.

Willingness To Pay

The maximum amount an individual is prepared to spend to acquire a good or service.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing the benefit to producers.