Abnormal Profits Occur When the Average Revenue Is Greater Than

question 2

True/False

Abnormal profits occur when the average revenue is greater than average costs.

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Definitions:

Technological Changes

Adjustments or advancements in technology that impact procedures, equipment, and processes in various fields.

Internal Force

Forces within an organization or individual that can affect its actions, decisions, and policies, such as culture, ethics, or internal goals.

Hierarchical Structures

Organizational frameworks where authority and responsibility are clearly defined within a descending order from top to bottom levels.

Decentralized Decision

A management style where decision-making is distributed among various levels within the organization, encouraging more local autonomy.