For a Given, Permanent Reduction in Demand for a Product

question 23

Multiple Choice

For a given, permanent reduction in demand for a product:

• A)​the decrease in price will be greater the more elastic is supply.
• B)​the decrease in price will be greater in the long run than in the short run.
• C)​the decrease in price will be greater the more inelastic is supply.
• D)​none of the above

---

Definitions:

Functional Structures

An organizational design where departments are divided based on specific functions or roles, such as marketing, finance, and operations.

Professional Identity

The self-concept based on attributes, beliefs, values, motives, and experiences as they relate to one's profession or career.

Departmentalization

The process of dividing an organization into different departments, which perform specific tasks or functions.

Organizational Hierarchy

A system in which people or groups are ranked one above the other according to status or authority within an organization.