Driving Forces Determine What the Organisation Needs to Do Well

question 14

Multiple Choice

Driving forces determine what the organisation needs to do well to:

• A) survive in the industry
• B) grow in the industry
• C) both of the above
• D) none of the above

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Definitions:

Short-Run Market Supply

The total quantity of a good or service that producers are willing and able to sell at various prices over a short period, where some production factors are fixed.

Market Price

The price of a commodity when sold in a competitive marketplace, determined by supply and demand.

Market Demand

The total demand for a product or service aggregated across all individuals in the market at various price levels.

Short-Run Costs

Costs that vary depending on the level of production or output in the short term, where some factors of production are fixed.