The CEO of a Well-Established Firm Stresses on the Need

question 2

Multiple Choice

The CEO of a well-established firm stresses on the need for change in the production pattern for the betterment of the company. He is supported by a group of influential people from all levels in the organization who work to lead the change effort. This is an example of _________.

• A)generation of urgency
• B)building a guiding coalition
• C)creation of a response profile
• D)refreezing

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Definitions:

Behavioral Economists

Researchers dedicated to understanding how psychological, cognitive, emotional, cultural, and social influences shape the economic choices made by individuals and institutions.

Evenly Split

A division or distribution of something into equal or nearly equal parts.

Invisible Hand

The tendency of competition to cause individuals and firms to unintentionally but quite effectively promote the interests of society even when each individual or firm is only attempting to pursue its own interests.

Ultimatum Game

A game in experimental economics where a proposer offers how to split a sum of money with a responder, who can accept or reject the offer.