In Fast Changing Environments

question 41

Multiple Choice

In fast changing environments

• A)a firm should focus on its oldest markets.
• B)a firm may define itself by its resources and capabilities.
• C)both a and b.
• D)neither a nor b.

---

Definitions:

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity of that good consumers are willing to buy.

Long-Run Equilibrium

A state in economics where all factors of production and economic variables are in balance, and no external pressures are causing change.

Marginal Cost

The additional expenditure required to produce one more unit of a product or service.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in the quantity of goods or services sold.