The Relative Authority That Each Manager in the Organization Has

question 66

Multiple Choice

The relative authority that each manager in the organization has from the CEO down to the lowest-level manager is called the _____ of the organization:

• A) span of control
• B) unity of command
• C) corporate ladder
• D) unity of direction
• E) chain of command

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Definitions:

Demand Curves

A graphical representation showing how the quantity demanded of a good or service varies with its price.

Supply Curves

A graphical representation of the relationship between the price of a good and the quantity of the good supplied by producers.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in other words, when capital goods are distributed in the most beneficial manner among the population.

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.