Functional Authority Is

question 106

Multiple Choice

Functional authority is

• A) formal authority given to staff.
• B) an effective way to use staff positions.
• C) related to the expertise of staff.
• D) used to help maintain the chain of command.
• E) All of these choices

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Definitions:

Producer Surplus

The discrepancy between the price producers agree to sell a good for and the price they actually end up receiving.

Economic Efficiency

A condition in which resources are allocated in the most effective way possible, maximizing outputs from given inputs without waste.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences, reflecting an optimal distribution of resources.

Producer Surplus

The gap between the minimum amount sellers are prepared to accept for a product or service and the actual price it sells for.