Examlex
The phases of the management process are listed below.Match each phase to the appropriate description.
_____ Planning
_____ Directing
_____ Controlling
_____ Improving
_____ Decision making
a)Used by managers for continuous improvement
b)Managers must decide how to respond to unfavorable performances
c)Used by management to develop the organization's objectives and goals
d)Monitoring the operating results of implemented plans and comparing actual results to expected results
e)Process by which managers run day-to-day operations
Price Takers
Participants in a market who accept the prevailing market price because they do not have enough power to influence it.
Market
A place or platform where buyers and sellers come together to trade goods, services, or financial instruments.
Monopoly
A market structure characterized by a single seller, selling a unique product in the market with restrictions on the entry of new firms.
Law of Demand
An economic principle stating that as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa, holding all else constant.
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