For There to Be Demand for a Good, People Must

question 164

Multiple Choice

For there to be demand for a good, people must

• A)want the good more than they want other goods.
• B)know the prices of all other goods.
• C)feel there are few substitutes for the good.
• D)need the good.
• E)be willing and able to buy the good at the market price.

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Definitions:

Upper Management

The highest level of managers within an organization, responsible for making overarching decisions and setting strategic directions.

Costs of Production

The total expenses incurred in the process of producing or manufacturing goods and services, including materials, labor, and overhead.

Functionally Organized Firm

A company organized according to the functions each part of the organization performs, such as marketing, sales, and production.

Divisions' Performance

The assessment of how different segments or departments of a company are executing their functions and contributing to overall success.