Final answer:
The term describing long periods of stability in corporations interrupted by rapid change is C) punctuated equilibrium, a concept from evolutionary biology applied to organizational changes.
Step-by-step explanation:
The phenomenon that describes corporations as evolving through relatively long periods of stability punctuated by relatively short bursts of fundamental change is most accurately described by C) punctuated equilibrium. This term originates from evolutionary biology and refers to a pattern in the fossil record where species exhibit long periods of stasis interrupted by rapid changes. This concept can be applied to organizations that experience extended periods of little or no change, followed by brief, significant transformations, often due to environmental shifts or technological innovations.
A situation where punctuated equilibrium is more likely to take place is when there is a significant environmental change, such as the breakup of a supercontinent due to tectonic activity. Similarly, in the business world, sudden market changes or technological advancements can lead to rapid organizational evolution, fitting the punctuated equilibrium model.