Companies of All Sizes Grow and Improve Profitability by

question 62

Multiple Choice

Companies of all sizes grow and improve profitability by

• A)Choosing the right kind of organizational structure
• B)Sticking to domestic markets
• C)Not utilizing new technologies as they become available
• D)Expanding their operations
• E)Creating franchises

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Definitions:

Inelastic Demands

Describes a situation where the demand for a good or service is relatively unresponsive to changes in price, with a percentage change in quantity demanded that is less than the percentage change in price.

Elastic Demands

This refers to the sensitivity of the quantity demanded of a good to a change in its price, where a small price change leads to a larger change in quantity demanded.

Elastic Demands

A situation where the demand for a good or service significantly changes in response to changes in its price.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, offering similar benefits and functionalities.