A Program Would Most Likely Be Used

question 21

Multiple Choice

A program would most likely be used

• A)to justify group decision making.
• B)to solve problems dealt with by top management.
• C)to solve a well-structured problem.
• D)to solve an ill-structured problem.
• E)to solve a risky problem.

---

Definitions:

Perfectly Competitive Industry

An industry structure where many firms sell identical products, entry and exit are easy, and no single seller controls the market price.

Market Price

The price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.

Inelastic Demand

Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.