________ Refers to the Concentration of Authority at the Top

question 99

Multiple Choice

________ refers to the concentration of authority at the top of the organizational chart instead of being distributed throughout the managerial hierarchy.

• A)Unity of direction
• B)Synergy
• C)Centralization
• D)Unity of command
• E)Entropy

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Definitions:

Economic Profit

The difference between a firm’s total revenues and its total costs, including both explicit and implicit costs, reflecting the true profitability of the firm.

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenue.

Perfect Information

A market condition where all participants have access to complete and accurate information concerning all aspects of the market and relevant transactions.

Create Wealth

Involves generating significant assets or resources through various means such as investment, entrepreneurship, or economic activities.