When a Manager Must Decide Whether He/she Has the Capabilities

question 76

Multiple Choice

When a manager must decide whether he/she has the capabilities and resources required to implement the alternate causes of action, upon which criteria for decision making is this manager focusing?

• A)Economic feasibility
• B)Legality
• C)Ethnicity
• D)Practicality
• E)All of these choices are incorrect

Comprehend the significance of external and internal factors that influence pay rates.

Differentiate between various job evaluation systems and their purpose.

Understand the concept and importance of equity in compensation, including internal, external, and pay equity.

Recognize the relevance and impact of collective bargaining agreements on compensation.

---

Definitions:

Perfectly Competitive Firm

A company that operates in a perfectly competitive market, cannot influence the market price, and produces at an optimal output level.

Profit-maximizing

Profit-maximizing refers to a strategic approach by businesses to adjust their production and pricing to achieve the highest possible profit.

Perfectly Competitive Firm

A hypothetical business in a market where no single company can influence the market price or product quality, leading to an efficient allocation of resources.

Short Run

A period in economics during which at least one factor of production is fixed, limiting the ability to increase production in response to increased demand.