Rapid Adaptation to the Environment, Greater Flexibility and Openness to Innovation

question 56

True/False

Rapid adaptation to the environment, greater flexibility and openness to innovation are some of the competitive advantages a firm can gain when using a simple structure.

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Definitions:

Strikes

Work stoppages initiated by employees as a form of protest, typically aiming for better wages, conditions, or benefits from their employers.

U.S. Economy

The economic system of the United States characterized by a mixed economy that supports both private and public enterprises.

Pure Monopsony

A market condition where there is only one buyer for many sellers, giving the buyer significant power over prices and terms of sale.

Labor Market

The supply and demand for labor, in which employees provide the supply and employers provide the demand.