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Describe the External Forces of Change and Their Significance to Management

question 15

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Describe the external forces of change and their significance to management.


Definitions:

Supply of Oil

The total volume of oil that producers are willing to sell at various price levels during a certain time period.

Gasoline

A volatile, flammable liquid primarily used as fuel in internal combustion engines.

Equilibrium Price

The price at which the quantity of goods supplied equals the quantity demanded, hence, the market is in balance.

Market Price

The ongoing rate at which an asset or service is being offered for buying or selling.

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