The Management of Efficiency Is an Extremely Important Issue in Most

question 20

Multiple Choice

The management of efficiency is an extremely important issue in most organizations, because increased efficiency generally helps

• A)decrease employee turnover.
• B)decrease production costs.
• C)increase customer satisfaction.
• D)decrease total labor costs.

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Definitions:

Production Quota

A limit set on the amount of a specific product that can be produced, often implemented by governments or organizations to control supply and stabilize prices.

Support Price

A price set by the government or a regulatory body at a certain level to maintain the income of producers and encourage production.

Excess Supplies

A situation where the quantity of a product offered is greater than the quantity demanded at the current price.

Producer Surplus

The difference between the amount producers are willing to supply goods for and the actual amount received from selling those goods.