Ms Organized Has Developed a Draft Strategic Plan for Sunny

question 50

Multiple Choice

Ms. Organized has developed a draft strategic plan for Sunny Valley Hospital and will present the plan at the hospital board of trustees meeting next month. Ms. Organized's role at Sunny Valley is most likely

• A) chairperson of the board.
• B) chief executive officer.
• C) chief information officer.
• D) chief operating officer.

---

Definitions:

Marginal Product

The additional output that is produced by adding one more unit of a particular input, holding all other inputs constant.

Explicit Costs

Costs that involve direct monetary payment by a firm for the resources needed in production, such as wages and materials.

Implicit Costs

The opportunity costs of utilizing resources owned by the company for its operations instead of other purposes.