Markets Tend to Be Efficient Because

question 149

Multiple Choice

Markets tend to be efficient because

• A) people respond to incentives.
• B) Adam Smith created markets.
• C) entrepreneurs always try to produce at the lowest possible cost.
• D) decisions are always made at the margin.

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Definitions:

Monthly Reward Systems

Incentive programs designed to recognize and reward employees on a monthly basis for their performance and contributions.

Job-Related Knowledge

Job-related knowledge comprises the information, expertise, and skills necessary to perform specific tasks and duties of a particular job effectively.

Taft-Hartley Act

The United States introduced a federal law in 1947 designed to restrict the range of activities and control of labor unions.

HR Staffs

The personnel within an organization responsible for overseeing hiring, training, employee relations, benefits, and compliance with labor laws, essentially managing the organization's human resources.