Firms Do NOT Use Microeconomic Models to

question 40

Multiple Choice

Firms do NOT use microeconomic models to

• A) determine what inputs will be used for production.
• B) determine whether they should advertise in the newspaper or on the radio.
• C) strategically raise profits over competitors.
• D) None of the above.

Recognize the features and importance of learning organizations in promoting continuous improvement.

Distinguish between classical, behavioural (human resource), and quantitative approaches to management thinking.

Know the essential aspects of systems thinking and its relevance to effective management.

Understand the key qualities leaders should have for success in the 21st century.

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Definitions:

Strikebreakers

Individuals who work or are employed in place of union workers who are on strike, thus undermining the strike action.

Lockout

A negotiating tactic in which a firm forbids its unionized workers to return to work until a new collective bargaining agreement is signed; a means of imposing costs (lost wages) on union workers.

Union Representatives

Individuals elected or appointed to represent the interests and concerns of members within a labor union.

Labor Dispute

A disagreement between employees and employers, often involving issues like wages, working conditions, and union representation.