________ Create Alternative Combinations of Different Factors into a Total

question 11

Multiple Choice

________ create alternative combinations of different factors into a total picture of the environment and a firm.

• A)Scenarios
• B)Forecasts
• C)Benchmarks
• D)Competitive intelligences
• E)Strategic maneuvers

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Definitions:

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good, often used to understand the sensitivity of consumers to price changes.

Income Elasticity

Income elasticity measures how the demand for a good or service changes in response to changes in consumer income.

Marginal Utility

The extra pleasure or benefit gained by a consumer from consuming an additional unit of a product or service.

Utility Function

A mathematical representation of how consumers rank different bundles or combinations of goods according to their level of satisfaction.