Which of the Following Is the Best Explanation of Why

question 20

Multiple Choice

Which of the following is the best explanation of why the law of diminishing returns does not apply in the long run?

• A)In the long run,firms can increase the availability of space and equipment to keep up with the increase in variable inputs.
• B)The MPP does not change in the long run.
• C)In the long run,firms have enough time to find the most qualified workers.
• D)All factors of production are fixed in the long run.

Grasp the concept of value creation and the troika of the foundation of a successful new venture.

Recognize the myths surrounding entrepreneurs.

Comprehend the importance of networking, resource marshaling, and team building in venture creation.

Acknowledge the different motivational needs of successful entrepreneurs.

---

Definitions:

Personnel Training

The process of providing employees with the necessary skills and knowledge to perform their jobs effectively.

Operational Standards

Established criteria or guidelines that dictate the processes and procedures for achieving efficient, effective, and safe operational performance.

Franchisee Control

Franchisee control involves the governance and regulatory measures that a franchisee must adhere to as set by the franchisor, often detailed in the franchise agreement.

Personnel Training

The process of teaching employees the skills, knowledge, and competencies required for their current or future job roles.