Examlex
Complete the following using the terms listed.
-_____ is the business concept in which employees share authority,responsibility,and decision making with their managers.
Allocative Inefficiency
A situation where resources are not allocated efficiently, leading to a mismatch between what is produced and what consumers actually demand, causing wastage and loss of potential welfare.
Monopolistically Competitive
Refers to a market structure where many firms sell products or services that are similar but not perfect substitutes, with some ability to set prices.
Excess Capacity
The situation in which a firm or economy can produce more goods than are currently being produced, due to underused resources.
Diseconomies of Scale
Increases in cost per unit when output increases, often due to inefficiencies that arise with too large an operation.
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