The Simple Structure Is Most Widely Practiced in Small Businesses

question 102

Multiple Choice

The simple structure is most widely practiced in small businesses in which ________.

• A) the manager and owner are one and the same
• B) the number of employees is between 100 to 150
• C) employees are highly skilled
• D) managers are hired directly by the company's owner
• E) training budgets are limited

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Definitions:

Demand Schedule

A table that shows the quantity of a good that consumers are willing and able to purchase at various prices.

Price Elasticity

The examination of demand sensitivity to price modifications of a particular good.

Perfectly Elastic

A state of demand or supply in which the quantity demanded or supplied changes infinitely in response to any change in price.

Constant Price

An economic term that refers to prices that have been adjusted for inflation, allowing for comparison of purchasing power over time.