Opportunities Arise When a Company Can Take Advantage of Conditions

question 41

True/False

Opportunities arise when a company can take advantage of conditions in its environment to formulate and implement strategies that allow it to become more profitable.

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Definitions:

Elastic

A description of a variable's sensitivity to change in another variable, often used in economics to describe how demand or supply responds to changes in price.

Price-elasticity Coefficient

A measure that calculates how much the quantity demanded of a good responds to a change in its price, quantitatively.

Revenues

The total income generated by a company from its business operations, such as sales of goods or services, before any costs or expenses are deducted.

Cut the Price

To reduce the selling price of a product or service.