Bureaucrats in an Organization Must

question 74

Multiple Choice

Bureaucrats in an organization must

• A)standardize procedures.
• B)engage in horizontal management.
• C)learn to give way to intrapreneurs.
• D)avoid risky moves.

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Definitions:

Quota Rent

Quota Rent is the economic rent a producer earns from the difference between the domestic price and the world price due to a quota system limiting imports.

Demand Price

The highest price a consumer is willing to pay for a good or service.

Supply Price

The minimum price at which a seller is willing to sell a good or service, influenced by production costs and market conditions.

Medallion System

A regulatory system often applied to taxis, where a finite number of medallions or permits are issued, allowing the holder to operate a taxi.