Complete the Following Using the Terms Listed Below

question 10

Multiple Choice

Complete the following using the terms listed below.
-______ is the process of dividing work activities into units within the organization.

• A)corporate culture
• B)top management
• C)line organization
• D)management
• E)departmentalization
• F)organization
• G)delegation
• H)matrix
• I)span of management
• J). controlling
• K)decentralization
• L)chain of command
• M)SWOT analysis
• N)contingency planning
• O). nonprogrammed decision
• P). autocratic leaders
• Q). human skills
• R). mission statement
• S). competitive differentiation
• T). empowerment

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Definitions:

Long-Run Equilibrium

A state in which all factors of production can be adjusted, allowing firms to enter or exit the market, resulting in a situation where economic profits are zero in a perfectly competitive market.

P = MR

An economic principle where the price (P) of a product equals its marginal revenue (MR), often applied in perfectly competitive markets.

Minimum ATC

The lowest point on the Average Total Cost curve, where a firm is producing at the most cost-efficient level.

Productive Efficiency

A state in which the economy or an economic system is able to produce maximum output from a given set of inputs without wasting resources.