The Widget Company Sells 1,000 Widgets Annually at a Price

question 82

Multiple Choice

The Widget Company sells 1,000 widgets annually at a price of $35 each. If the company's pricing policies adhere to a 40% markup of selling price, the cost of each widget is

• A) $14.
• B) $21.
• C) $28.
• D) $32.

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Definitions:

Situational Management

Situational management is an adaptive leadership approach that advocates for adjusting management style and strategies based on the specific circumstances and needs of the situation.

McGregor

Douglas McGregor developed the Theory X and Theory Y concept, representing two opposing perceptions of employee motivation and behavior.

Theory X

A management theory that assumes employees are inherently lazy and will avoid work if they can, suggesting the need for strict oversight and control.

Theory Y

A management concept that assumes employees are inherently motivated and enjoy their work duties, suggesting that the role of management is to develop the potential of employees and help them to achieve self-fulfillment.