In Business Today, Which Term Is Often Used to Describe

question 39

Multiple Choice

In business today, which term is often used to describe an organizational structure which operates with the most number of rules and the least amount of effort, motivation, and sense of urgency?

• A)Administration
• B)Subsystem
• C)Bureaucracy
• D)Open system

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Definitions:

Economic Profit

The difference between total revenue and total cost, including both explicit and implicit costs, representing the additional gain over the opportunity cost.

Perfectly Competitive Industry

An industry in which numerous small firms produce identical products, where no single firm can influence the market price, and all firms are price takers.

AC

Alternating current, a type of electrical current in which the flow of electric charge periodically reverses direction.

Government

The organization or system through which a community or society exercises authority and performs functions.