Managerial Basic Training (Scenario)

question 9

Multiple Choice

Managerial Basic Training (Scenario)
Imagine that your marketing company has just merged with a manufacturing organization. You have been asked to help provide some "basic" managerial training to the engineers in the research and development unit of the new sister company. To make sure you are covering the necessary issues, your boss has asked to see an overview of materials that you will be providing the engineers.
-Now that both companies are merged and are a systematic arrangement of people set to accomplish a specific purpose, they could be described as a(n) ________.

• A) organization
• B) holding company
• C) multinational company
• D) business unit

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Definitions:

Perfect Competitor

A market participant that cannot influence the market price and must take it as given because the market is perfectly competitive.

Short Run

A period in economic theory during which at least one input, such as plant size or the number of firms in the industry, is fixed and cannot be changed.

Perfect Competitor

A theoretical market structure in which many firms sell an identical product, and no single buyer or seller can influence the market price.

Perfectly Competitive Industry

A market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller can affect the market price.