Sometimes Cross-Functional Teams Will Have Representatives from Outside the Organization

question 170

Multiple Choice

Sometimes cross-functional teams will have representatives from outside the organization such as:

• A)suppliers and customers.
• B)consultants and retired CEOs.
• C)opinion leaders.
• D)competitors.

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Definitions:

Factor Markets

Markets where resources, such as labor, capital, and land, are bought and sold.

Resource Allocation

The process of distributing available resources among various projects or business units to maximize the effectiveness and efficiency of utilization.

Perfect Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price-takers.

Marginal Revenue Product

The extra revenue generated from employing one additional unit of a resource.