A Mental Image of a Possible and Desirable Future State

question 113

Multiple Choice

A mental image of a possible and desirable future state of an organization is called a

• A)mission.
• B)strategy.
• C)goal.
• D)vision.
• E)plan.

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Definitions:

Perfectly Inelastic

Describes a situation in which the quantity demanded or supplied does not change in response to a price change.

Demand Determined

implies that the quantity and price of goods and services are decided by the consumers' demand or preferences in the market.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Elastic

A characteristic of goods or services with demand that is significantly responsive to changes in price.