You Are the Vice-President of a Division of a Large

question 10

Multiple Choice

You are the vice-president of a division of a large, multi-national company that makes electronic equipment for consumers and the military. You have several managers that have created some teams. Also, there are several projects underway and you need to decide what types of teams to use for each situation.
-Stella is your director of sales. Since her employees are located in Europe, Asia, and North America, she has decided to use instant messaging to tie her employees together in order to develop a marketing strategy for a new product line. This is an example of a_______ team.

• A) self-managed
• B) problem-solving
• C) task-resolution
• D) cross-functional
• E) virtual

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Definitions:

Monopolist's Product

A product that has no close substitutes, making the seller the sole provider and able to control market prices.

Price Taker

An entity (often a company or individual) that has no control to dictate prices for goods or services in the market and must accept the prevailing market price.

Maximum Profit

The highest possible financial gain that a business can achieve from its operations over a specific period.

Natural Monopolies

Situations where a single firm can supply a good or service to an entire market at a lower cost than could multiple firms.