The Notion That the Principles of Science Should Be Applied

question 17

Multiple Choice

The notion that the principles of science should be applied to work settings has been around for

• A) just 10 years.
• B) approximately 25 years.
• C) almost 100 years.
• D) over 200 years.

---

Definitions:

Contestable Market

A market structure where there are no barriers to entry or exit, and hence, firms face potential competition.

Exceeds Marginal Cost

The condition where the revenue received from the sale of an additional unit of output is greater than the cost required to produce that additional unit.

Contestable Markets

Markets where the threat of potential entry by competitors influences the behavior and pricing of existing firms.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogenous products, perfect information, and free entry and exit, leading to price taking behavior.