The Supply of a Good Will Be More Elastic, the

question 165

Multiple Choice

The supply of a good will be more elastic, the

• A)more the good is considered a luxury.
• B)broader is the definition of the market for the good.
• C)larger the number of close substitutes for the good.
• D)longer the time period being considered.

---

Definitions:

Organic Structures

Organic structures refer to flexible, adaptive organizational structures that are characterized by low levels of formalization, decentralized decision-making, and a broad scope of control.

Mechanistic

Pertains to organizational structures that are highly formalized and centralized, with strict hierarchies and clear, rigid procedures.

Authority

The power or right to give orders, make decisions, and enforce obedience, often established by a position in a hierarchical organization.

Organizations

Groups of people who come together to achieve specific goals, following a particular structure and set of regulations.