GHI IncLorraine Has Worked at GHI Inc

question 46

Multiple Choice

GHI Inc.Lorraine has worked at GHI Inc.for 14 years.GHI has a large building where each divisional unit is located on a different floor.Lorraine works on the accounting floor and belongs to the budget committee, where she met Sally from Engineering and Jonas from Receiving.This committee provides recommendations to upper management on various financial issues affecting the company.Each week, the three meet after work on Thursdays to play darts at a local pub.The budget committee is an example of a(n) :

• A)leadership team.
• B)self-directed team.
• C)advisory team.
• D)task force team.
• E)community of practice.

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Definitions:

Competitive Price-Taker

A market participant who cannot influence the price on the market but instead must accept the prevailing market price.

Marginal Revenue

The additional income earned from selling one more unit of a good or service.

Competitive Price-Taker

A market participant who accepts the prevailing market prices as given because they have no power to influence those prices due to intense competition.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.