Steven, the Legal Representative of a Company Entering into a Joint

question 53

Multiple Choice

Steven, the legal representative of a company entering into a joint venture with another firm, formulates an agreement after discussions with his counterparts. The agreement is such that both companies are satisfied and stand to gain from the joint venture. The given example shows the _____ style of conflict management.

• A) accommodative
• B) competitive
• C) collaborative
• D) avoidant

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Definitions:

Cost Minimizing

The strategy or process of reducing expenses to the lowest possible level while maintaining the desired level of production quality or service.

Inputs

The resources such as labor, materials, and capital used in the production process.

MRTS

Marginal Rate of Technical Substitution, indicating how much of one input can be reduced when one more unit of another input is used, keeping output constant.

MRTS

Marginal Rate of Technical Substitution; the rate at which one input can be reduced for every increase in another input while maintaining the same level of output.