What Needs to Be Done to Ensure That a Company

question 175

Multiple Choice

What needs to be done to ensure that a company is profitable?

• A) The company needs to maximize revenue.
• B) The company needs to minimize costs.
• C) The company needs to both minimize costs and maximize revenue.
• D) The company needs to both maximize costs and minimize revenue.
• E) The company needs only to provide products that customers want.

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Definitions:

Given Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers at various price levels.

Excess Quantity Demanded

A situation where the quantity demanded of a good or service exceeds the quantity supplied at a particular price.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Price of Steel

The price of steel is the cost for a specific weight or quantity of steel, a crucial material in construction, manufacturing, and infrastructure projects, influenced by factors such as market demand, production costs, and global economic conditions.