An Organization Is ________

question 12

Multiple Choice

An organization is ________.

• A)the physical location where people work
• B)any collection of people who perform similar tasks
• C)a deliberate arrangement of people to accomplish some specific purpose
• D)a group of individuals focused on profit-making for their shareholders

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Definitions:

Ideal Economic Efficiency

Achieving the optimum level of output and resource allocation where no individual or preference can be made better off without making someone else worse off.

Monopolist

A market participant that is the sole seller of a good or service, with significant control over its price.

Output Increase

Refers to a rise in the quantity of goods or services produced by an individual, company, or economy over a given period.

Economies of Scale

The decrease in unit cost that results from enhanced scale of operations, highlighting how companies can save on costs per unit by expanding their production scope.