Which of the Following Choices Correctly Illustrates How Changesin Opportunity

question 4

Multiple Choice

Which of the following choices correctly illustrates how changesin opportunity costs affect supply?

• A)A farmer produces corn and wheat.The price of wheat rises; so he shifts his resources towards wheat and the supply of
• Wheat rises.
• B)A fisherman fishes for lobsters and oysters.The price of lobsters rises; so he decides to spend more of his time fishing for
• Oysters because he can make the same amount of money with
• Fewer lobsters.
• C)A textbook for economics becomes cheaper; so more students opt to buy that particular textbook.
• D)Milk and cereal are complementary goods; so when the price of cereal falls, the quantity supplied of milk rises.

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Definitions:

HR Planning

The strategic process of forecasting an organization's future human resources needs and developing plans to meet those needs.

Process Management Skills

The abilities required to effectively oversee and optimize organizational processes to achieve efficiency and quality outcomes.

Contingency Plans

Plans to be implemented when severe, unanticipated changes to organizational or environmental factors completely negate the usefulness of the existing HR forecasting predictions or projections.

Scenarios

Proposed sequence of events with their own set of assumptions and associated program details.