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A technology company normally sees increased revenues for its cell phones when it raises
prices. However, when the company released an updated version of the phone and charged a higher price, revenues fell. What MOST likely happened to the cell phone market?
A. Profits earned by the company's suppliers rose.
B. The price for cell phone plans decreased.
C. There was an increase in the number of substitute phones.
D. The price of land line phones increased significantly.
Answer: C

NEW QUESTION: 2
Which of the following actions would have the greatest impact on the effectiveness of the internal audit activity?
A. Appropriate definition of internal audit scope and responsibility in the charter.
B. Annual review of the audit charter by management.
C. Assurance of internal audit objectivity and organizational independence by the board.
D. Appropriate compliance coverage in the annual audit plan.
Answer: A

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