What Principle Is Built on the Idea That There Is

question 104

Multiple Choice

What principle is built on the idea that there is no general plan for which way to go and what to do?

• A) Managing by crisis
• B) Managing by extrapolation
• C) Managing by objectives
• D) Managing by hope
• E) Managing by subjectives

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a specific factor of production, holding all other factors constant.

Total Product

The total quantity of output or goods produced by a firm or company using a given quantity of inputs during a specific time period.

Marginal Product

The additional output generated by adding one more unit of a specific input, all other inputs being held constant.

Total Product

The total quantity of output produced by a firm using a given amount of inputs.