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According to Henri Fayol, effective plans should have the qualities of unity, continuity, accuracy, and flexibility. Describe each quality in the context of planning and provide an example where the lack of that quality would be a problem for an organization.
Total Revenue
Total revenue refers to the overall amount of money generated by a business from its sales activities before any expenses are subtracted.
Break-Even Point
An output at which a firm makes a normal profit (total revenue = total cost) but not an economic profit.
Total Revenue
The total income received by a firm from selling its goods or services, calculated as the quantity sold multiplied by the selling price per unit.
Short-Run Supply Curve
A supply curve that shows the quantity of a product a firm in a purely competitive industry will offer to sell at various prices in the short run; the portion of the firm’s short-run marginal cost curve that lies above its average-variable-cost curve.
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