Question

Please select the word from the list that best fits the definition of the tendency of organizations to become increasingly dominated by small groups of people?

1) Monopoly
2) Oligopoly
3) Plutocracy
4) Autocracy

Answer 1

The term that defines the tendency of organizations to become ruled by a small group of people is 2)'oligarchy'.

Step-by-step explanation:

The word from the provided list that best fits the definition of the tendency of organizations to become increasingly dominated by small groups of people is 2)oligopoly.

An oligopoly is a market structure where a few firms have the majority of market share and power. However, in the context of government and organizational power, the term is oligarchy, which refers to a form of government where power is held by a small, elite group of individuals. This group may come to power for various reasons including economic power, military might, or social status, and it usually does not include hereditary positions like in a monarchy. Michels' Iron Rule of Oligarchy suggests that all large organizations eventually come to be ruled by such small groups.