Measurement of One Group's Performance Against the Best Possible Level

question 63

Multiple Choice

Measurement of one group's performance against the best possible level of performance exhibited by another group, either inside or outside the organization, is known as

• A)teamwork analysis.
• B)performance-variation analysis.
• C)comparative analysis.
• D)benchmarking.
• E)competition analysis.

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Definitions:

Perfectly Elastic Supply

describes a market situation where the quantity supplied can change infinitely in response to any change in price.

Elastic Demand

A situation where the demand for a product significantly changes in response to changes in the product's price.

Total Revenue

The sum of money a company earns from selling goods or providing services over a specified time frame.

Inelastic

Describes a situation where the demand or supply for a product does not significantly change with the alteration in price.