This Model Features a Heavy Emphasis on Control and External

question 43

Multiple Choice

This model features a heavy emphasis on control and external focus to ensure productivity and efficiency (ends) through such means as planning and goal setting.

• A) Human relations model
• B) Rational goal model
• C) Internal process model
• D) Open system model
• E) Closed system model

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the true profitability of an enterprise.

Demand Schedule

A table that lists the quantity of a good that consumers are willing and able to purchase at various prices.

Marginal Revenue

The additional income earned by selling one more unit of a good or service.

Product Differentiation

The act of setting a product or service apart from others in order to increase its appeal to a designated target market.