Describe a Business Situation in Which Passive Listening Could Lead

question 6

Essay

Describe a business situation in which passive listening could lead to a costly mistake.

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Definitions:

Equilibrium Quantity

The quantity of a good or service at which supply equals demand, and the market is in balance, without any excess supply or shortage.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes infinitely in response to any change in price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Higher Price

An increase in the cost of a good or service, often reflecting factors like demand and supply changes, production costs, or market conditions.