The Primary Functions of Management Are

question 33

Multiple Choice

The primary functions of management are

• A) Planning, organizing, staffing, and controlling.
• B) Forming, storming, norming, and reforming.
• C) Building, breaking down, rebuilding, and maintaining.
• D) Ruling, listening, adapting, and adjusting.
• E) Directing, framing, extending, and encouraging.

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Definitions:

Price

The sum of money needed to buy a product or service.

Competitive Price-Taker

A firm in a competitive market that has no ability to influence the price of the product it sells; it must take the market price as given.

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.

Total Cost

The sum of all costs incurred in producing a good or service, including both fixed and variable costs.