Which of the Following Statements Is True About Setting Priorities

question 32

Multiple Choice

Which of the following statements is true about setting priorities?

• A) Your priorities are your own and do not need to be discussed with coworkers or supervisors.
• B) Priorities must consider how much time a task will require.
• C) Due dates are not considered when setting priorities.
• D) both A and C

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Definitions:

Optimal Output

The level of production that results in the highest possible profit for a firm, determined by the point where marginal cost equals marginal revenue.

Short-Run Costs

Expenses that vary directly with the level of output in the short term, where at least one input is fixed.

Economic Profit

A firm's total revenue minus its explicit and implicit costs, representing the additional benefit above the normal rate of return.

Maximize Profits

The process or strategy employed by businesses to achieve the highest possible profit margin.