The Process of Monitoring the External Environment Is Called What

question 100

Multiple Choice

The process of monitoring the external environment is called what?

• A) environmental examination
• B) environmental inspection
• C) environmental scrutiny
• D) environmental perusal
• E) environmental scanning

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Definitions:

Marginal Revenue

The increase in income derived from the sale of one more unit of a good or service.

Total Cost

The sum of all expenses incurred in the production of goods or services, including fixed and variable costs.

Single Price Monopolist

A monopolist that charges all consumers the same price for its product, as opposed to practicing price discrimination.

Profit Area

The part of a business or market where the difference between revenue and costs is positive, indicating financial gain.