Tacit Knowledge

question 53

Multiple Choice

Tacit knowledge

• A) is the same as explicit knowledge.
• B) can be accessed only with the consent of the employees.
• C) is found mostly at the lower levels of the organization.
• D) can be codified but not reproduced.

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Definitions:

Profit

The financial gain acquired when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Industry Supply Curve

A graph that shows the relationship between the price of a good and the total output of the industry for that good.

Price Levels

The mean value of present prices for all goods and services created within the economy.

Output Levels

Refers to the quantity of goods or services produced by a firm or economy over a certain period of time.