__________ Increase Managerial Effectiveness by Standardizing Many Routine Decisions and Clarifying

question 12

Multiple Choice

__________ increase managerial effectiveness by standardizing many routine decisions and clarifying the discretion managers and subordinates can exercise in implementing functional tactics.

• A) Outsourcing
• B) Standard operating procedures
• C) Corporate cultures
• D) Action plans

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Definitions:

Competition

The rivalry among businesses to sell their goods and services to consumers, typically considered healthy for stimulating innovation and keeping prices competitive.

Natural Scarcity

Refers to the finite availability of resources that are limited by nature and cannot be replaced or regenerated quickly enough to meet the increasing demand.

Monopoly Profit

The excess earnings that a firm can achieve when it is the sole provider of a product or service with no close substitutes, due to its market power.

Contrived Scarcity

An artificial limitation of supply to increase prices, often practiced by monopolies or through regulatory constraints.