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An Economic System in Which Relative Prices Change to Reflect

question 347

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An economic system in which relative prices change to reflect changes in supply and demand for different commodities is known as a


Definitions:

Business Strategy

A plan of action designed to achieve a long-term or overall aim in the competitive business environment.

Functional Strategy

A strategy developed and implemented by an organizational unit (like Marketing or HR) to support the overall corporate strategy.

Competitive Strategy

The plan that a company follows to differentiate itself from competitors, aiming to achieve a competitive advantage.

Corporate Strategy

The overall plan and direction of a company, focusing on achieving long-term objectives and competitive advantage.

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