The Ability to Adapt to Change or to Initiate It

question 22

Multiple Choice

The ability to adapt to change or to initiate it is most important in industries where ________.

• A) the industry products are standard
• B) future competition is difficult to forecast
• C) technological change is static
• D) product demand is stable

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Definitions:

Future Date

A specific date that lies in the future, often mentioned in the context of contracts or financial agreements specifying when actions must be taken.

U.S. Dollars

The official currency of the United States, widely used for domestic and international transactions alike, serving as a major global reserve currency.

Comparative Advantage

The principle that a country, individual, company, or region can produce goods or services at a lower opportunity cost than others, leading to more efficient trade.

Protectionism

Economic policy of restricting imports from other countries through methods such as tariffs and import quotas, aimed at protecting domestic industries.