Molly and Tom Are Getting Married

question 19

Multiple Choice

Molly and Tom are getting married.Last month they hired a caterer for the wedding reception.This month they attended a wedding for which their chosen caterer had provided food,dishes and flowers.Neither thought the food was good and Molly worried that the dishes looked cheap.However,they feel they cannot change caterers at this date due to the large deposit required by the catering company when it took the job.Molly and Tom do not want to pay:

• A) Extraneous expenses
• B) Opportunity costs
• C) Switching costs
• D) Fixed costs
• E) Retained costs

Understand the concept of the psychological contract between employers and employees.

Understand the concept of labor utilization and its adjustment mechanisms.

Recognize the influence of skill-based pay systems and flat organizational structures on flexibility.

Identify key management styles and their relation to continuous process improvement.

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Definitions:

Emancipation

The legal relinquishment by a child’s parents or guardian of the legal right to exercise control over the child. Usually, a child who moves out of the parents’ home and supports himself or herself is considered emancipated.

Family Law

Law relating to family matters, such as marriage, divorce, child support, and child custody.

Medical Care

The provision of health services by health professionals to treat and maintain the physical and mental well-being of individuals.

Family Law

a branch of law dealing with matters related to family relationships, such as marriage, divorce, child custody, and adoption.