-The Table Above Shows the Situation in the Gasoline Market

question 200

Multiple Choice

-The table above shows the situation in the gasoline market in Tulsa,Oklahoma.If the price of a gallon of gasoline is $3.65,then

• A) there is a surplus of gasoline in Tulsa.
• B) there is a shortage of gasoline in Tulsa.
• C) the gasoline market in Tulsa is in equilibrium.
• D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa.
• E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.

---

Definitions:

Functional Departments

Sections within an organization, each specializing in a particular area of operation such as marketing, finance, human resources, etc.

Changing Environments

Changing environments refer to the dynamic and evolving external and internal contexts within which businesses and organizations operate.

Lateral Relations

Lateral relations refer to the interactions or communication occurring between employees or departments on the same hierarchical level within an organization.

Network Structure

An organizational design where groups or individuals work more like nodes in a network rather than in a hierarchical management structure, allowing for flexible coordination and collaboration.