If a Firm Consisting of More Than One Person Is

question 57

Multiple Choice

If a firm consisting of more than one person is following a _____ organizational structure, tasks tend to be distributed among them in an informal manner rather than each person developing a narrow area of specialization.

• A) matrix
• B) functional
• C) multidivisional
• D) simple
• E) bureaucratic

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Definitions:

Decrease in Demand

This occurs when the quantity of a good or service that consumers are willing and able to purchase at a specific price level declines, due to factors such as changes in preference or income.

Long-Run Equilibrium

A state in which supply and demand are balanced, and all economic variables are at their natural levels, not influenced by external short-term fluctuations.

Firms in the Industry

Businesses or companies that produce goods or provide services within a specific sector of the economy.

Output

The quantity of goods or services produced by a firm, industry, or economic system.