-Rick's Income Is $54 a Week and He Spends All

question 11

Multiple Choice

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. If the price of a CD falls to $6, Rick's consumption of CDs will increase by

• A) 1 CD per week.
• B) 2 CDs per week.
• C) 3 CDs per week.
• D) 4 CDs per week.

Identify and distinguish between formal and informal work groups in organizations.

Understand task types in group settings (additive, disjunctive, conjunctive) and how they influence group performance.

Explain factors that influence group satisfaction and performance.

Recognize the impact of diversity on group cohesiveness and performance.

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Definitions:

Average Product

The output per unit of input, calculated by dividing total product by the quantity of input used in its production.

Marginal Product

The additional output generated by employing one more unit of a specific factor of production.

Total Product

The total quantity of output produced by a firm during a given period of time.

Labor Intensive

A production process that requires a higher proportion of labor compared to capital in the production of goods and services.