An Organization Has a Strong Policy That Those Employees with Seniority

question 122

Multiple Choice

An organization has a strong policy that those employees with seniority get first chance at promotions, vacation time, and other privileges. A supervisor who needs to decide who gets priority for vacation time will likely use which of the following decision strategies?

• A) Unprogrammed decision strategy.
• B) Programmed decision strategy.
• C) It is impossible to tell from the information given.
• D) The supervisor will not use any decision strategy described in the answers.

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Definitions:

Perfect Price Discrimination

The practice of charging each customer the maximum they would be willing to pay for a good or service, capturing all consumer surplus.

Willingness To Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they assign to it.

Entry Barriers

Factors that prevent or hinder the ability of a new firm to enter and compete in an industry.

Market Structures

The organizational and other characteristics of a market, including the number and size of firms, extent of competition, and type of product differentiation, impacting the behaviour and profitability of businesses within the market.