Which One of the Following Is Not One of the Primary

question 43

Multiple Choice

Which one of the following is not one of the primary ways to group jobs?

• A) skill
• B) customer
• C) function
• D) product
• E) service

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Definitions:

Monopolistically Competitive

A market structure characterized by many firms selling differentiated products, allowing for some degree of market power.

Monopolistically Competitive

A business configuration in which various enterprises provide goods that are comparable, though not identical, affording them a measure of market dominance and the capacity to differentiate their products.

Economic Profit

The profit a company makes after deducting both its explicit (direct) and implicit (opportunity) costs; it's a more comprehensive measure than accounting profit.

Allocative Efficiency

The optimal distribution of resources in a market where goods and services are dispensed according to consumer preferences.