The Most Famous Story About Organizing Tasks into Jobs Comes

question 27

Multiple Choice

The most famous story about organizing tasks into jobs comes from Adam Smith's tale of the pin factory. In that story, he argues that:

• A) specialization of jobs into simple tasks increases productivity.
• B) cross training is critical for productivity.
• C) coordination is the biggest problem of factory efficiency.
• D) one worker should be assigned all tasks in pin construction.

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Definitions:

Highly Concentrated Industry

An industry characterized by a small number of companies holding a large market share, which can lead to reduced competition and higher prices.

Kellogg's Cereals

A brand of breakfast cereals produced by the Kellogg Company, known for varieties like Corn Flakes and Frosted Flakes.

Homogeneous Oligopoly

A market structure featuring a small number of firms offering products or services that are largely identical or undifferentiated.

Virtually Identical

Items or situations that are almost the same or very closely resemble each other in most aspects.