The Social Cost of Production Is

question 29

Multiple Choice

The social cost of production is:

• A)the sum of private costs and private benefits.
• B)the difference between private benefits and private costs.
• C)the sum of private costs and external costs.
• D)the difference between private costs and external costs.
• E)the sum of fixed costs and variable costs.

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Definitions:

Tall Organization

An organization with relatively many levels in its hierarchy of authority.

Flat Organization

An organization with relatively few levels in its hierarchy of authority.

Spans of Control

Refers to the number of subordinates a supervisor or manager can effectively manage and oversee.

Divided Labour

The breakdown of work into smaller, specialized tasks to increase efficiency, also known as division of labor.