Essential to Developing a System That Will Monitor and Control

question 27

Multiple Choice

Essential to developing a system that will monitor and control the implementation of plans developed in the formal planning process is the establishment of

• A) Sanctions for improper performance.
• B) Control systems.
• C) A "control leader."
• D) Contingency plans for various scenarios.
• E) Strategic planning motives.

Understand the concept of market equilibrium and how it is determined by the intersection of supply and demand.

Identify conditions of excess supply and excess demand in a market and predict the market's response.

Analyze the effects of price changes on market equilibrium.

Understand the impact of external factors (like an increase in the price of raw materials) on supply and demand.

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Definitions:

Tax Imposed

A financial charge or other levy placed upon an individual or a legal entity by a governmental organization in order to fund various public expenditures.

Grapefruit

A large, tart citrus fruit with a segmented interior, often eaten for breakfast or used in culinary dishes.

Civic Authorities

Organizations or governing bodies within a municipality responsible for enforcing laws and regulations and providing public services.

Long-run Supply Function

A relationship showing the quantity of a good that producers are willing and able to supply to the market at different price levels in the long run, taking into account all possible adjustments including those in resources and technology.