The Shampoo Industry Is Constantly Coming Out with New Products

question 140

Multiple Choice

The shampoo industry is constantly coming out with new products.The reason is that when a firm introduces a new shampoo into the market,the demand for the shampoo becomes ________ temporarily and economic profit ________.

• A) more elastic; decreases
• B) less elastic; increases
• C) more elastic; increases
• D) less elastic; decreases
• E) unit elastic; increases

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Definitions:

Common Standard

A uniform criterion or benchmark that can be widely used across different systems, organizations, or industries to ensure compatibility and efficiency.

Management Duties

Encompasses a range of responsibilities held by managers, including planning, organizing, leading, and controlling resources to achieve organizational objectives.

Corrective Action

Measures taken to rectify a problem, error, or deviation from a desired standard or performance.

Control

In management, the process of regulating organizational activities so that actual performance conforms to expected standards and objectives.