_________ include inflationary conditions, significant competition, high interest rates, weak economic indicators, shrinking of the money supply by the government, and the political environment.
a. Internal constraints
b. External constraints
c. Budgets
d. Economic environments
e. Balance sheets
b. External constraints
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When the demand for an imperfect competitor's product is greater than it planned, the firm will
A) increase the price of the product until supply equals demand. B) meet the demand at its set price. C) reduce the price until supply equals demand. D) allow a shortage of the product to develop, without changing the product's price.
When the price of tablets goes up and fewer tablets are purchased, this is representative of the
A) law of demand. B) law of supply. C) law of market operations. D) law of increasing costs.
During the period 1983-1989, the U.S. economy was
A. contracting. B. in a recession. C. in the trough of the business cycle. D. expanding. E. None of the choices are correct.
When a perfectly competitive firm experiences zero economic profits
A) the high barriers to entry prevent further competition. B) existing firms exit the industry. C) additional firms enter the industry. D) firms have no incentive to exit or enter the industry.