A Hierarchy

question 83

Multiple Choice

A hierarchy:

• A)results in a clear-cut division of labor.
• B)is composed primarily of experts trained for different functions.
• C)is a pyramid structure of rising authority and responsibility.
• D)is used primarily in large organizations to define job roles.

---

Definitions:

Firm's Demand

The amount of a particular good or service that a firm wishes to purchase at various prices, reflecting the firm's input needs for production.

Industry Price

A term generally referring to the average or standard price of goods and services within a specific industry.

Perfect Competitor

A hypothetical firm in a perfectly competitive market, where it must accept the prevailing market price and cannot influence it.

Average Total Cost

The cost per unit of output, calculated by dividing the total cost of production by the quantity of output.