The Management Function That Lays the Groundwork for All Other

question 63

Multiple Choice

The management function that lays the groundwork for all other functions and is the first step taken when performing them is called:

• A)organizing.
• B)controlling.
• C)staffing.
• D)planning.

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Definitions:

Long Run

A period during which all factors of production and costs are variable, allowing full adjustment to any change.

Fixed Cost

Describes expenses that do not change with the level of production or business activity, such as rent, salaries, and insurance premiums.

Variable Cost

Costs that change in proportion to the good or service that a business produces.

Total Cost

The complete cost of production, including both fixed and variable costs.