Government Intervention in a Particular Industry Is Unnecessary If Each

question 48

Multiple Choice

Government intervention in a particular industry is unnecessary if each of the industry's firms is operating where

• A) there are no negative externalities.
• B) there are no positive externalities.
• C) the demand curve is perfectly elastic.
• D) marginal social benefit is equal to marginal social cost.
• E) price is equal to private marginal cost.

Recognize the principles of the control process, including the steps involved and their significance.

Understand the significance of involving employees in the goal-setting and objectives process.

Comprehend the concept and application of program evaluation and review technique (PERT), including critical path analysis.

Identify and explain the concepts of positive reinforcement and the exception principle in organizational control and performance management.

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Definitions:

Productivity

The efficiency at which goods or services are produced, often measured by the output per unit of input.

Employee Involvement

A business management practice that encourages employees to contribute ideas and solutions, enhancing decision-making and productivity.

Standardized Work

The practice of setting uniform procedures and processes for tasks to improve efficiency, quality, and predictability in production or service delivery.

Big Picture

The big picture refers to the overall perspective or comprehensive understanding of a situation, considering all factors, implications, and relationships, rather than focusing on details.