___________ Refer to a Firm's Ability to Reconfigure Resources and Create

question 56

Multiple Choice

___________ refer to a firm's ability to reconfigure resources and create external market changes.

• A) Dynamic equilibrium
• B) Dynamic capabilities
• C) Dynamic complexity
• D) Dynamic programming

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Definitions:

Demand Curve

A graphical representation showing the relationship between the quantity of a good consumers are willing and able to purchase and its price.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to offer for sale.

Consumer Surplus

The imbalance between the funds consumers are willing to dedicate to a good or service and the funds they actually dedicate.

Consumer Surplus

The discrepancy in the total spend consumers are willing to shoulder for a product or service as opposed to what they actually disburse.