Which of the Following Statements About Groups Is True

question 36

Multiple Choice

Which of the following statements about groups is true?

• A) The definition of groups suggests that a group is two or more people put together for any reason.
• B) Groups can be either formal or informal.
• C) You need five or more people to be considered a work group.
• D) Formal groups are aimed at specific social agendas.

---

Definitions:

Short-Run Supply

The supply of goods that occurs when the sellers are only able to change some, but not all, conditions of production.

Diminishing Marginal Returns

A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain constant.

Perfectly Competitive

A perfectly competitive market is one where many buyers and sellers trade identical products so that each has no influence on the market price.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a firm to adjust to changes in market demand or supply.