A Locally Owned and Operated Bakery with Just One Location

question 125

Multiple Choice

A locally owned and operated bakery with just one location is likely to have

• A) a short chain of command.
• B) a complex chain of command.
• C) an extensive advisory staff.
• D) a highly departmentalized structure.
• E) no organization chart.

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Definitions:

Marginal Cost

The extra expense derived from the production of an additional unit of a product or service.

Perfectly Competitive

A market structure characterized by a large number of firms selling identical products, with no single firm able to influence the market price.

Oligopolistic

Describes a market structure in which a few firms dominate the industry, leading to limited competition.

Marginal Cost

The rise in overall expenses resulting from the manufacture of an extra unit of a product or service.