Smith Drives His Car Numerous Places

question 9

Multiple Choice

Smith drives his car numerous places. Sometimes he drives his car around his residential neighborhood and sometimes he drives it on the highway. Occasionally,Smith gets peeved with the way other people drive and makes a rude gesture to them. Based on one of the theories discussed in the text,he is

• A) more likely to make a rude gesture to another driver on the highway than in his residential neighborhood.
• B) less likely to make a rude gesture to another driver on the highway than in his residential neighborhood.
• C) equally likely to make a rude gesture to another driver on the highway as in the residential neighborhood.
• D) There is not enough information provided to answer this question.

Understand the concept of monopoly and how monopolies determine their prices and output levels to maximize profits.

Identify the economic effects of monopolies, including the impact on prices and output compared to competitive markets.

Analyze the role of government regulation in controlling monopolies and ensuring they earn only a normal return.

Recognize the different types of barriers to entry that sustain monopolies.

---

Definitions:

Project Teams

Groups of individuals with diverse skills and expertise who are brought together to accomplish a specific project goal within a limited timeframe.

Functional Structure

An organizational framework where departments are divided based on their function or role within the company, such as marketing, finance, and human resources.

Geographic Divisionalized Structure

An organizational structure where operations are divided based on geographic regions, with each region operating semi-autonomously to serve its local market effectively.

Divisionalized Structures

An organizational form in which the company is divided into semi-autonomous units or divisions, each responsible for its own operations and profitability.