The Cost of Employing an Individual Is Becoming So Prohibitive

question 46

Multiple Choice

The cost of employing an individual is becoming so prohibitive that many companies are solving the problem by

• A) using automation.
• B) subcontracting work.
• C) hiring management consultants.
• D) downsizing operations.
• E) raising product or service prices.

Recognize the importance and methodology of setting SMART goals for personal and professional development.

Distinguish between terminal and instrumental values and their roles in ethical decision-making.

Grasp the significance of ethical audits, ethics tests, and ethical decision-making frameworks in guiding ethical behavior.

Analyze the stages of moral development according to Kohlberg and their implications for managerial behavior and ethical reasoning.

---

Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing for full adjustment to changes in economic conditions.

Average Cost

The total cost of production divided by the number of units produced, providing a measure of the cost per unit of output.

Total Costs

The complete sum of all expenses, direct and indirect, incurred in the production of goods or services.

Average-Fixed-Cost Curve

A graph that shows the average fixed costs of production at different levels of output.