The Increased Efficiency That Results When Employees Perform a Narrow

question 40

Multiple Choice

The increased efficiency that results when employees perform a narrow range of tasks over and over again leading them to acquire specialized knowledge that helps them complete the task more efficiently accurately defines the term _____.

• A)competitive parity
• B)minimum efficient scale
• C)task specialization
• D)employee specialization

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Definitions:

Wage Rate

The fixed or variable payment earned by employees for their work or services, typically documented on an hourly, daily, or piecework basis.

Indifference Curves

A graph showing different bundles of goods between which a consumer is indifferent, illustrating preferences and trade-offs.

Market Prices

The current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand dynamics.

Income Source

The origin or means through which an individual, company, or entity earns money.