____ Is the Relationship Between Outputs and Inputs, Whereas ____

question 86

Multiple Choice

____ is the relationship between outputs and inputs, whereas ____ is a measure of whether or not organizational objectives are accomplished.

• A) Profitability; satisfaction
• B) Effectiveness; efficiency
• C) Efficiency; effectiveness
• D) Implementation; adaptability
• E) Adaptability; profitability

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Definitions:

Pure Competitor

A firm or business operating in a market with many sellers offering identical products, meaning it has no control over market price.

Barriers To Entry

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for all possible adjustments, including changes in industry size.

Natural Monopoly

A market structure where a single firm can produce the entire market supply of a particular good or service at a lower cost than any potential competitor.