Efficiency Is a Measure of the Appropriateness of the Goals

question 41

True/False

Efficiency is a measure of the appropriateness of the goals that managers have selected for the organization to pursue and the degree to which the organization achieves those goals.

---

Definitions:

Auto Industry

The auto industry encompasses all companies and activities involved in the manufacture, marketing, and selling of motor vehicles, including parts manufacturers and the after-market for vehicle maintenance and repair.

Labor Demand

The overall quantity of workers whom employers are ready and able to employ at a specified pay rate within a given period.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, considering all other factors constant.

Purely Competitive

A market structure characterized by many buyers and sellers, none of whom can influence market prices, with free entry and exit from the market.