If Given a Chance to Express Their Own Opinions During

question 36

Multiple Choice

If given a chance to express their own opinions during a decision-making process, people will respond more positively to the decision. This illustrates

• A) unit bias.
• B) a voice effect.
• C) 360-degree feedback.
• D) a strengths-based selection system.

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Definitions:

Purely Competitive Firm

A business operating in a market where there are many buyers and sellers, each with negligible impact on the price of goods and services.

Economic Profit

The variance between collective earnings and complete expenditures, encompassing both overt and covert costs.

Normal Profit

The minimum amount of profit needed for a company to remain competitive in the market; it equals the total opportunity costs of a firm.

Economic Profits

The surplus or profit earned by a firm or individual after accounting for both explicit and implicit costs.