Which of the Following Is Not One of the Components

question 22

Multiple Choice

Which of the following is not one of the components of a control system?

• A) A performance standard or goal
• B) A means of measuring actual performance
• C) Customer feedback forms and the service people who process and address them
• D) Comparison of actual performance with the standard to form the basis for corrective action

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Definitions:

Benevolent Social Planner

A theoretical construct representing an entity or policymaker that aims to achieve the most efficient and equitable outcomes for society as a whole, often seen in economic models.

Socially Efficient

A condition where resources are allocated in a way that maximizes the overall benefit to society, taking into account all externalities.

Marginal Revenue

The additional income obtained from selling one more unit of a good or service, critical in determining the optimal level of production for a firm.

Profits Maximize

The process or strategy by which a firm seeks to achieve the highest possible return or benefit from its operations and resources.