A Concept That Challenged the Assumption Inherent in the Rational

question 12

Multiple Choice

A concept that challenged the assumption inherent in the rational decision making model was satisficing: which influential theorists developed it?

• A)Stewart Clegg,Martin Kornberger and Tyrone Pitsis
• B)Fredrick Taylor and Henri Fayol
• C)James March and Herbert Simon
• D)Max Weber and Mary Parker Follett

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Definitions:

Standard Meals

Refers to set menu options in a food service establishment that are regularly available and usually priced at a fixed rate.

Producing

The act of creating, manufacturing, or generating goods or services.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Marginal Cost

Marginal cost is the cost of producing one additional unit of a product or service, a crucial concept in economics for determining optimal production levels and pricing strategies.