A _____ Decision Occurs When an Unexpected Problem Arises That

question 2

Multiple Choice

A _____ decision occurs when an unexpected problem arises that can lead to disaster if not resolved quickly and appropriately.

• A) nonprogrammed
• B) strategic
• C) crisis
• D) programmed
• E) standard

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.

Demand

The willingness and ability of consumers to purchase goods or services at a given price level.

Supply

The complete quantity of a product or service that can be bought at a particular price point.

Price Floor

A legally established minimum price for a good, or service. Normally set at a price above the equilibrium price.