The Most Important Pre-Twentieth Century Development in Management Was the ________

question 127

Multiple Choice

The most important pre-twentieth century development in management was the ________.

• A)Industrial Revolution
• B)personal computer
• C)building of the Brooklyn Bridge
• D)American Revolution

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Definitions:

Monopolies

Market structures characterized by a single seller controlling a large portion of the market and the lack of viable competition.

Long-run Equilibrium

A state in which all factors of production and market forces are in balance, with no external pressures prompting change.

P = MR

An equality indicating that a firm's price (P) is equal to its marginal revenue (MR), often associated with perfect competition and profit maximization strategies.

MC = ATC

A condition where the Marginal Cost of producing one more unit is exactly equal to the Average Total Cost, typically representing the point of productive efficiency.