A(n) ________ Consists of One Person at the Top of the Organization

question 111

Multiple Choice

A(n) ________ consists of one person at the top of the organization and many levels of managers who are responsible to that person.

• A) hierarchy
• B) oligarchy
• C) inverted organization
• D) informal organization

---

Definitions:

Cost Curve

A graphical representation showing the cost of producing different levels of output.

Economies of Scale

The reduction in the cost per unit that companies experience as a result of their large scale of operations, usually seeing these expenses decrease as the scale grows.

Diseconomies of Scale

An economic concept where, beyond a certain point, an increase in the scale of production leads to a rise in average costs per unit due to inefficiencies.

Long Run

A term in economics referring to a period wherein all inputs can be adjusted, including those that are typically fixed in the short run.