The Law of Increasing Opportunity Costs Is a Result of the Fact

question 38

Multiple Choice

The law of increasing opportunity costs is a result of the fact that:

• A) the value of the dollar has declined over time.
• B) wage rates rise as the economy reaches full employment.
• C) consumers tend to value a good more when they don't have much of it.
• D) resources are not equally productive in all output categories.

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Definitions:

Management By Objectives (MBO)

A management strategy wherein specific objectives are set collaboratively for the organization, allowing employees to work towards clearly defined goals.

Task Analysis

The examination and breakdown of tasks to understand their components, processes, and the skills required for their completion.

Formal Authority

Formal authority refers to the power or right to make decisions, command subordinates, and enforce obedience, typically granted by a position within an organizational hierarchy.

Blending Team Members

The process of integrating individuals with diverse backgrounds, skills, and perspectives into a cohesive team.