June Works as a Cashier

question 76

Multiple Choice

June works as a cashier. Her productivity is judged according to the number of items passed over a scanner per hour. She is being rated according to

• A)statistical measures of performance.
• B)trained incapacity.
• C)informal policies.
• D)an oligarchy.

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Definitions:

Barriers to Entry

Factors that make it difficult or costly for new firms to enter and compete in an industry, such as high startup costs or strict regulations.

Pure Monopoly

A market structure where a single supplier controls all production and sale of a particular good or service, with no close substitutes.

Output Quantity

The total amount of a product or service produced by a company or industry.

Rent-seeking

The practice of gaining economic advantage by manipulating the social or political environment in which economic activities occur, instead of by creating new wealth.