Which of the Following Is True of the Four Attributes

question 75

Multiple Choice

Which of the following is true of the four attributes that make Porter's diamond?

• A)Absence of any single attribute does not impact effectiveness of the diamond.
• B)The effect of one attribute is contingent on the state of others.
• C)The diamond is not a mutually reinforcing system.
• D)Chance events,such as major innovations,do not affect Porter's diamond.
• E)Only in the absence of one of the four attributes can government policies influence Porter's diamond.

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Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing to purchase at a given price.

Demand Curve

A chart that illustrates how the quantity of a product demanded is related to its price.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity supplied.

Quantity Supplied

Refers to the amount of a certain good or service that producers are willing and able to sell at a given price.