Who Was the Classical Theorist That Recommended Businesses Avoid Red

question 44

Multiple Choice

Who was the Classical theorist that recommended businesses avoid red tape, regulations, and establish multiple guiding authorities when organizing resources?

• A) Mildred Wagner
• B) Frederick Taylor
• C) Lillian Gilbreth
• D) Henry Fayol
• E) James Douglas

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Definitions:

Monopolist

An entity that is the sole provider of a particular product or service in the market, having significant control over pricing.

Deadweight Loss

A loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved.

Society's Welfare

The overall well-being and quality of life of the people within a society, including factors like health, happiness, and economic prosperity.

Socially Efficient

A market condition where resources are allocated in a way that maximizes the overall benefit to society.