Changes in the Technological Environment Could Be Rejected by the Cultural

question 333

True/False

Changes in the technological environment could be rejected by the cultural and social environment-through the political and legal environments-even though such changes might help the economic environment.

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Definitions:

Raise Price

An action taken by producers or sellers to increase the cost at which goods or services are sold, often in response to market conditions.

Single Firm

Refers to an individual business entity that operates in a market, typically producing goods or services.

Monopoly

A market structure in which a single seller dominates the market for a particular good or service, without any close substitutes.

Monopolistic Industry

An industry dominated by a single firm that has control over pricing and the market, facing little to no competition.