Zach Is Part of a Team That Does Not Have

question 31

Multiple Choice

Zach is part of a team that does not have a designated manager; the team plans, organizes, leads, and controls to achieve its goal.Zach's team members commonly elect their own members and evaluate each other.On what type of team is Zach most likely working?

• A)Independent
• B)Self-managed
• C)Integrated
• D)Workgroup

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Definitions:

X-Inefficiency

A concept where a firm operates with higher costs than are necessary due to lack of competition or internal inefficiencies.

Economies Of Scale

Cost savings that accrue to firms from upscaling their production operations, where there's a typical decrease in the cost per unit with larger production volumes.

Average Cost

The sum of all production expenses divided by the quantity of items made, showing the expense for each unit of product.

Purely Competitive Equilibrium

A market state characterized by a perfect match between supply and demand, resulting in an optimal distribution of resources without any single buyer or seller influencing the price.