Why Are Long-Range Predictions Considered Essential to Managing a Firm

question 81

Multiple Choice

Why are long-range predictions considered essential to managing a firm?

• A)To develop plans for possible new plants
• B)To have raw materials available for future demand
• C)To develop plans for future financing
• D)All of these answers are correct

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Definitions:

European Countries

Nations located on the continent of Europe, known for diverse cultures, languages, and economies.

Deadweight Loss

The decrease in economic effectiveness when a product or service fails to achieve or cannot attain its balance point.

Cheesecake

A sweet dessert consisting of one or more layers, primarily a thick layer of cream cheese and egg mixture set atop a base made from crushed cookies, crackers, or sponge cake.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability where there is no excess supply or demand.