Although Horses Were Once a Very Important Factor of Production,the

question 306

Multiple Choice

Although horses were once a very important factor of production,the development of automobiles and other machinery reduced the demand for their use.This example illustrates:

• A)technological progress shifting the demand for horses to the left.
• B)higher marginal costs for horses shifting demand for horses to the right.
• C)technological progress shifting the demand for horses to the right.
• D)higher marginal costs for horses having no impact on the demand for horses.

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Definitions:

External Environment

Refers to factors outside of an organization that can impact its operation and success, including economic, political, social, technological, and legal factors.

Strategy Success

The achievement of predetermined objectives and goals through the effective implementation of a plan.

Performance Determinant

A factor that significantly influences the outcome or level of performance in a task or activity.

Process Reliability

The extent to which a process consistently produces the same results over time, ensuring stability and predictability in its outcomes.