Which of the Following Is True of a World-Class Organization

question 26

Multiple Choice

Which of the following is true of a world-class organization?

• A) It merely strives for improvement.
• B) It applies the best and latest knowledge and ideas.
• C) It primarily focuses on producing goods at the lowest cost possible.
• D) It focuses on competition instead of profits.
• E) It exemplifies a bureaucratic organizational structure.

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Definitions:

Japan

An island nation in East Asia, known for its rich cultural heritage, technological innovation, and significant economic power.

Economies of Scale

Cost advantages achieved when an enterprise increases production and efficiency, reducing the cost per unit.

Natural Monopolies

A type of monopoly that occurs when a single firm can supply a good or service to an entire market at a lower cost than two or more firms.

Patents

Legal rights granted to inventors or assignees for a certain period of time, allowing them to exclude others from making, using, or selling an invention.