All of the Following Are Characteristics of a Highly Formalized

question 109

Multiple Choice

All of the following are characteristics of a highly formalized organization EXCEPT ________.

• A)explicit job descriptions
• B)little discretion for employees
• C)minimum number of rules
• D)a standardized way of doing things

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Definitions:

Profit-maximizing Monopolist

A monopolist who determines the quantity of output and price levels that result in the highest possible profits, given its unique market power.

Downward-sloping Demand Curves

A graph showing that as the price of a good decreases, the quantity demanded increases, illustrating the inverse relationship between price and demand.

Market Power

The ability of a firm or entity to influence the price or control the availability of products or services in a market.

DeBeers

A global corporation specializing in diamond exploration, mining, retail, and trading, known for its historical monopoly over the diamond market.