Suppose the Current Price of a Pound of Steak Is

question 71

Multiple Choice

Suppose the current price of a pound of steak is $6 per pound and the equilibrium price is $9 per pound. What takes place?

• A)There is a shortage, so the price falls and quantity demanded decreases.
• B)There is a shortage, so the price rises and quantity demanded increases.
• C)There is a shortage, so the price rises and quantity demanded decreases.
• D)There is a shortage, so the price falls and quantity demanded increases.
• E)There is a surplus, so the price falls and quantity demanded increases.

---

Definitions:

Performance Objectives

Specific, measurable goals set for employees or teams to achieve, aimed at improving the overall performance of an organization.

Types of Control

Various methods or systems used to guide or regulate the activities within an organization, ensuring alignment with goals.

Progressive Discipline System

A system of managing employee behavior by applying increasingly severe penalties for repeated offenses.