Tom Produces Commemorative T-Shirts in a Competitive Market

question 559

Multiple Choice

Tom produces commemorative t-shirts in a competitive market. If Tom decides to decrease his output, this will

• A)​increase his revenue, since the output decrease leads to a higher market price.
• B)​increase his revenue, since Tom's competitors will also decrease their output, so that price rises to offset the drop in Tom's output.
• C)​decrease his revenue, since his output has decreased and the price remains the same.
• D)​decrease his revenue, since the price does not rise sufficiently when output drops to offset the drop in Tom's output.

Differentiate between departmentalization, chain of command, and work specialization within organizational structures.

Recognize methods to reduce resistance to organizational change, including education and communication, negotiation, and coercion.

Understand the historical regulatory changes in the banking sector and their impacts.

Acknowledge the connection between monetary policy actions by the Federal Reserve and their effects on the economy.

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Definitions:

Car Hire Companies

Businesses specializing in renting out automobiles for short periods of time, often varying from a few hours to several weeks.

Auto Repairers

Businesses or individuals specializing in fixing and maintaining vehicles.

Intangible Outputs

Non-physical results produced by an organization or system, such as customer satisfaction, brand reputation, or intellectual property.

Zero Inventories

A business strategy aimed at minimizing holding inventory to reduce storage costs and waste, often relying on just-in-time production methods.