Under Laissez-Faire, the Allocation of Resources Among Different Products Depends

question 65

Multiple Choice

Under laissez-faire, the allocation of resources among different products depends on

• A)consumer preferences.
• B)production costs.
• C)Both a and b are correct.
• D)Neither a nor b is correct.

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Definitions:

Process Losses

The reduction in efficiency or effectiveness in the operations of a team or an organization, often due to group dynamics or procedural inefficiencies.

Organizational Goals

Are the specific objectives or targets that an organization aims to achieve, guiding its strategic planning and operational activities.

Effective Team

A group of individuals working together harmoniously towards a common goal, characterized by clear communication, mutual respect, and a strong cooperation ethic.

Member Needs

The requirements or desires of individuals within an organization that need to be met for them to be motivated and productive.