Chau-Lee Is the Owner-Manager of a 24-Hour Convenience Store

question 68

Multiple Choice

Chau-Lee is the owner-manager of a 24-hour convenience store. When he first opened the business, he employed only four people, and it was easy to manage the store through informal means. The store experienced rapid growth and is now a six-unit chain. Chau-Lee is now trying to manage 30 employees and coordinate operations in the same manner as when he first opened the business. He is frustrated and feels that his business is "out of control." What Chau-Lee needs is ______.

• A) fewer stores
• B) more employees
• C) a formal organization structure
• D) an updated inventory system

---

Definitions:

Price

The amount of money required to purchase a good or service, determined by supply and demand dynamics in the market.

Demand Function

A mathematical expression describing the relationship between the quantity demanded of a good and factors that influence it, such as price, income, and prices of related goods.

Mead

An alcoholic beverage created by fermenting honey with water, and sometimes with various fruits, spices, grains, or hops.

Price

The expected price in currency, required, or given for a good or service.