Responsibility Charting Provides a Tool for Defining Decision-Making Roles

question 73

Multiple Choice

Responsibility charting provides a tool for defining decision-making roles. A manager who accepts or vetoes a decision before it is implemented, or chooses from alternatives developed by others, is performing which of the roles?

• A)responsible
• B)approve
• C)consult
• D)implement
• E)inform

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Definitions:

Marginal Product

This measures the additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.

Total Output

The entire quantity of goods or services produced by an individual, firm, industry, or economy within a specified period.

Implicit Costs

Costs that represent the value of resources used in production for which no direct payment is made.

Explicit Costs

Direct, out-of-pocket payments a firm makes to purchase the inputs it needs for production, such as wages, rent, and materials.