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The ____________ of a business firm is the system that details lines of authority, responsibility, and position, similar to the structure on organization charts.

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Answer: formal organization

Step-by-step explanation:

In a formal organization setting, there are laid out rules, practices, functions and goals, which are based on the power one possesses in the organization and also on the division of labor.

It is constructed in a way to show the responsibility and position of every person in an organization.

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