Nicholas and His Team Have Been Asked to Take a Decision

question 72

Multiple Choice

Nicholas and his team have been asked to take a decision on implementing a new technology that might help to decrease the production time at their firm.They do not have any factual information about its performance as the technology is new,and it is difficult to predict the outcome of their decision.They are forced to rely heavily on their intuition to take the decision.This represents an) ________ environment.

• A)anticipated
• B)secure
• C)certain
• D)precise
• E)uncertain

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good or service and the amount that suppliers are willing to offer for sale, typically upward sloping because higher prices incentivize more production.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price during a specific time period.

Quantity Demanded

The aggregate quantity of a product or service that buyers are ready and capable of buying at a particular price point.

Surplus

An excess of what is needed or used, typically referring to goods, services, or resources exceeding what is required.