After Standards Are Set, Supervisors

question 50

Multiple Choice

After standards are set, supervisors:

• A) have completed the controlling function.
• B) must actually monitor performance.
• C) must perform the production activities themselves.
• D) should monitor only tangible standards.

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Definitions:

Units

Units are standard measures or quantities used to specify or quantify the dimensions, amount, or capacity of something.

Price-Output Combination

The specific level of output and the price at which that output is sold in the market, relevant in contexts of market equilibrium and firm strategies.

Total Revenue

The total amount of money a firm receives by selling goods or services.

Elastic

refers to the responsiveness of demand or supply to changes in price or income.