The Network or Pattern of Social Relationships and Friendship Circles

question 18

Multiple Choice

The network or pattern of social relationships and friendship circles within an organization is known as the:

• A) clique.
• B) formal structure.
• C) informal structure.
• D) hierarchy.

Comprehend the limitations of human cognition in decision and judgment making.

Define and understand the concept of creativity in both individual and team contexts.

Understand the key distinctions between classical and behavioral decision models.

Distinguish between programmed and non-programmed decisions with examples.

---

Definitions:

Income Effect

It refers to the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Utility Maximizing

A concept in economics that refers to the idea that individuals choose to allocate their resources in a way that maximizes their utility or satisfaction.

Wage Increase

An upsurge in the rate of pay employees receive for their labor, typically expressed as a percentage increase over current wages.

Substitution Effect

The change in consumption patterns due to a price change, leading consumers to substitute one product for another.