For Much of the First Half of the 20^th Century

question 136

Multiple Choice

For much of the first half of the 20^th century, managers viewed work specialization as _______.

• A) an effective solution to over-centralization
• B) a means to encourage employee satisfaction
• C) a frustrating cause of reduced product output
• D) difficult to implement without automation technology
• E) an unending source of increased productivity

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Definitions:

Decreasing-Cost Industry

An industry characterized by a downward-sloping long-run supply curve, indicating lowering costs as industry output increases.

Increasing-Cost Industry

An industry in which production costs increase as output expands, often due to scarce resources or rising input prices.

Industry Expands

The process of a sector in the economy growing due to an increase in demand, production, and often, employment.

Allocative Efficiency

A state of the economy where the distribution of resources among different uses is optimal, ensuring that the goods being produced are what consumers prefer the most.