An Industry Characterized by Only a Few Firms in the Market

question 50

Multiple Choice

An industry characterized by only a few firms in the market is called:

• A) a monopoly.
• B) monopolistic competition.
• C) an oligopoly.
• D) perfect competition.

Distinguish between vertical and horizontal organizational structures and their implications.

Grasp the concepts of formalization, centralization, and specialization in organizational contexts.

Appreciate the role of flexibility in organizational structures for creativity and efficiency.

Identify the factors affecting the span of control and strategies for its management.

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Definitions:

Passive Correlation

A statistical relationship between two variables where changes in one variable occur alongside but are not directly caused by changes in the other.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing thoughts, feelings, and behaviors.

Intelligence

The ability to learn, understand, and apply knowledge, to reason and solve problems, and to adapt to new situations.

Weight

A measure of the mass of an object or individual, often used in a health context to discuss body mass and its implications for well-being.