Suppose a Decrease in the Supply of Bottled Water Results

question 102

Multiple Choice

Suppose a decrease in the supply of bottled water results in a decrease in revenue.This indicates that

• A)the demand for bottled water is inelastic in the price range considered.
• B)the demand for bottled water is elastic in the price range considered.
• C)the supply of bottled water is inelastic in the price range considered.
• D)the supply of bottled water is elastic in the price range considered.

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Definitions:

OB Topics

Stands for Organizational Behavior topics, encompassing the study of how people interact within groups and organizational settings.

External Environment

Factors outside an organization that can affect its performance and strategies, including economic conditions, competition, and regulatory changes.

Open Systems Perspective

is a viewpoint in organizational theory that organizations are entities influenced by, and interacting with, their external environment.

Computer Simulation

The use of computer models to replicate complex systems or processes for the purpose of experimenting or predicting outcomes in various scenarios.