In Addition to Making Better Decisions and Responding Faster, Why

question 77

Multiple Choice

In addition to making better decisions and responding faster, why do businesses form teams?

• A)Teams demonstrate increased productivity.
• B)Teams show proficiency in using technology.
• C)Teams are able to avoid conflict.
• D)Teams are used extensively in every culture.

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Definitions:

Short-run

A time frame in which at least one factor of production is fixed, limiting adjustments to production levels.

Economic Profits

The difference between a firm's total revenues and its total economic costs, where economic costs include both explicit and implicit costs.

Perfectly Competitive

In a perfectly competitive market, there are many buyers and sellers, the products are homogenous, and no single entity can influence the market price.

Demand Rises

Occurs when there is an increase in the quantity of a good or service that consumers are willing and able to purchase at a given price.