Which of the Following Characteristics Describes Good Performance Standards

question 35

Multiple Choice

Which of the following characteristics describes good performance standards?

• A) they are general
• B) they are set by management
• C) they are complex to measure
• D) they are achievable
• E) they exceed realistic expectations

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Definitions:

Giffin Good

A type of good for which demand increases as the price increases, contradicting the basic law of demand due to the income effect.

Income Effect

The relationship between changing income levels in an economy or for individuals and the subsequent effect on goods and services demand.

Substitution Effect

Describes how consumers react to an increase in a good's price by substituting another good, affecting the quantity demanded.

Marginal Utility

The additional utility or enjoyment derived from the consumption of one more unit of a product or service.