Chau-Lee Is the Owner-Manager of a 24-Hour Convenience Store

question 68

Multiple Choice

Chau-Lee is the owner-manager of a 24-hour convenience store. When he first opened the business, he employed only four people, and it was easy to manage the store through informal means. The store experienced rapid growth and is now a six-unit chain. Chau-Lee is now trying to manage 30 employees and coordinate operations in the same manner as when he first opened the business. He is frustrated and feels that his business is "out of control." What Chau-Lee needs is ______.

• A) fewer stores
• B) more employees
• C) a formal organization structure
• D) an updated inventory system

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Definitions:

Substitutes In Production

Products that can be produced using the same resources or processes as another product, allowing producers to switch between them based on market demand or cost considerations.

Fixed Resources

Assets and inputs in the production process that cannot be easily increased or decreased in the short term, such as land and machinery.

Producer

An individual, company, or entity that creates goods or provides services to satisfy consumer demand.

Genetically Modified Seeds

Seeds that have been modified in the laboratory using genetic engineering techniques to possess certain desired traits, such as increased resistance to pests or herbicides.