Whereas Scientific Management Focused on _____ , Administrative Principles Approach

question 121

Multiple Choice

Whereas scientific management focused on _____ , administrative principles approach focused on the _____.

• A) individual productivity; total organization
• B) organization productivity; individual effort
• C) efficient procedures; management by principle
• D) employee ability; employee loyalty
• E) employee competence; work flow through the organization

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.

Producer Surplus

Producer surplus is the difference between what producers are willing to accept for a good versus what they actually receive, typically due to market price.

Market Equilibrium

A state where market supply meets market demand, leading to stable prices and quantities.

Producer Surplus

The variance between what producers are prepared to sell a product or service for and the actual revenue they achieve.