Authority Is Best Defined as _________

question 1

Multiple Choice

Authority is best defined as _________.

• A)an obligation to perform assigned duties
• B)a structure in which each employee reports to only one manager
• C)the rights inherent in a managerial position to give orders and expect the orders to be obeyed
• D)an individual's capacity to influence decisions

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Definitions:

Average Total Cost

The total cost of production divided by the number of units produced, signifying the cost per unit of output.

Average Fixed Cost

The total fixed costs of production divided by the number of units produced, showing the fixed cost per unit.

Fixed Factor

An input in the production of goods and services that cannot be easily increased or decreased in the short run.

Marginal-cost Schedule

A table or graph showing how the cost of producing one more unit of a good or service varies as the production level changes.