One Advantage of Developing Technology Within One's Own Company Is

question 59

Multiple Choice

One advantage of developing technology within one's own company is the

• A)optimal utilization of the company's resources.
• B)cost effectiveness due to material innovations.
• C)proprietary nature of the technology within the organization.
• D)reduced requirement to hire additional staff.
• E)ability to take plenty of time to develop a product right.

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Definitions:

Upward-Sloping Supply Curve

A graphical representation showing that as the price of a good increases, producers are willing and able to supply more of it.

Total Surplus

The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of goods and services.

Market for Hamburgers

This refers to the economic market in which buyers and sellers engage in the trade of hamburgers, influenced by factors such as price, demand, and competition.

Scientific Management

One of the earliest approaches to management, was concerned with structuring individual jobs to maximize efficiency and productivity.