A Prime Function of an Organized Commodity Exchange Is to Furnish

question 24

Multiple Choice

A prime function of an organized commodity exchange is to furnish an established marketplace where:

• A)commodity prices can be controlled.
• B)sellers of the same commodity can come together to set prices.
• C)products that are difficult to grade can be traded.
• D)there are only a limited number of buyers and sellers.
• E)the forces of supply and demand operate freely.

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Definitions:

Assembly Plant

A manufacturing facility where various components of a product are put together to form a final product.

Contingency Approach

A management theory that suggests the best way to manage an organization depends on the specific circumstances of the situation.

Organizational Design

The process of structuring an organization's roles, responsibilities, and resources to achieve its goals efficiently.

Demands of the Situation

The requirements or challenges inherent in a particular context or scenario that influence how one needs to act or respond.