________ Indicate the Type of Training Programs Company Personnel Should

question 77

Multiple Choice

________ indicate the type of training programs company personnel should undergo to develop properly.

• A)Market position standards
• B)Personnel development standards
• C)Productivity standards
• D)Product leadership standards
• E)Social responsibility standards

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Definitions:

Economic Efficiency

An economic state where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Deadweight Losses

Losses in total surplus that occur when a market is not in competitive equilibrium, often due to taxes or subsidies.

Economic Efficiency

A situation where all resources are allocated in a way that maximizes the total benefit to society or minimizes waste.

External Cost

A cost that a transaction or activity imposes on a party who is not involved in the transaction, often not reflected in market prices.