Assume,in a Competitive Market,price Is Initially Below the Equilibrium Level

question 98

Multiple Choice

Assume,in a competitive market,price is initially below the equilibrium level.We predict that price will:

• A) decrease,quantity demanded will decrease,and quantity supplied will increase.
• B) decrease and quantity demanded and quantity supplied will both decrease.
• C) increase,quantity demanded will increase,and quantity supplied will decrease.
• D) increase,quantity demanded will decrease,and quantity supplied will increase.

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Definitions:

Bottom-up Change

An organizational change strategy that starts at the lower levels of the organization and works its way up, focusing on employee involvement in decision-making processes.

Organizational Innovation

The process of creating or adopting new ideas, processes, or products within an organization to improve performance or competitiveness.

Empowerment

The process of granting individuals or groups the power and resources to make decisions, fostering independence and confidence.

Top-level Managers

Executives responsible for overseeing the strategic direction of an organization and making long-range decisions.