Elizabeth Has Been Given the Task of Making the Production

question 46

Multiple Choice

Elizabeth has been given the task of making the production process more efficient.Her manager has failed to set any goals and Elizabeth is unaware of his requirements.Additionally,she has insufficient information on the process and how to improve it.This has forced her to rely on intuition and take inspiration from past experiences to implement her decision.Which of the following decision-making methods does this exemplify?

• A)The subjective method
• B)The rational choice method
• C)The political method
• D)The incremental trial-and-error method

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Definitions:

Domestic Quantity Supplied

The total amount of a good or service that producers in a country are willing and able to sell at a certain price.

Domestic Quantity Demanded

The total amount of a good or service that is demanded by consumers within a specific country.

Hypothetical Nations

Imaginary or theoretical countries used for the purpose of discussion, analysis, or illustration in academic exercises.

Tariff

A tax imposed by a nation on an imported good.