Patricia Is a First-Line Manager Who Makes Important Decisions with Middle

question 71

Multiple Choice

Patricia is a first-line manager who makes important decisions with middle and other first-line managers.What type of authority does Patricia belong to?

• A)Informal authority
• B)Formal authority
• C)Centralized authority
• D)Decentralized authority

---

Definitions:

Demand Curve

A chart that illustrates how the demand for a product varies with its price, usually showing a downward trend.

Profit-Maximizing Level

The level of production at which a firm achieves the maximum possible profit.

Unit Elastic

A situation where a one percent change in price leads to an exactly one percent change in the quantity demanded or supplied.

Profit Maximizing

The process or strategy of setting production levels or prices to achieve the highest possible profit given production costs and market conditions.