If the Demand Elasticity for a Product Is -2,and a Profit-Maximizing

question 22

Multiple Choice

If the demand elasticity for a product is -2,and a profit-maximizing firm sells the product for $10,its marginal cost must be

• A)$5.
• B)$10.
• C)$15.
• D)$8.

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Definitions:

Frederick Taylor

An American mechanical engineer who sought to improve industrial efficiency and is considered the father of scientific management.

Bureaucratic Organizations

Organizations characterized by strict rules, hierarchical relationships, and a focus on procedure and protocol over flexibility and adaptability.

Weber

Refers to Max Weber, a German sociologist and political economist whose theories significantly contributed to the study of sociology and the analysis of bureaucracy.

Historical Management

The study of the evolution of management theories, practices, and principles through time.