Janet Is a Runner for a Large Law Firm

question 129

Multiple Choice

Janet is a runner for a large law firm. Her duties include purchasing supplies for the copy room. Janet was given permission by the office manager to sign credit-card receipts when making purchases. Janet has been given ____ to use the firm's credit card.

• A) responsibility
• B) obligation
• C) authority
• D) staff centrality
• E) accountability

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to buy.

Cost Function

A mathematical formula that calculates the total cost of producing a given quantity of output, factoring in fixed and variable costs.

Profit-Maximizing Output

The level of production at which a firm achieves the highest profit, where marginal cost equals marginal revenue.

Competitive Firm

A company that operates in a market where it must accept the prevailing prices set by the market through supply and demand.