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CASE Scenario - Stephen Hedricks

question 75

Multiple Choice

CASE
Scenario - Stephen Hedricks
The promotion to first line manager took place just six weeks ago for Stephen Hedricks. He was well qualified for the promotion, but the new job still required a lot of training. One of the challenges has been to coordinate the production of his team with the needs of the sales department and with the availability of raw materials from his suppliers. Setting priorities and developing schedules to accomplish the work is a part of Stephen's job that he has really enjoyed. The challenges to maintain high rapport and to build a strong team with his employees have already brought him a lot of satisfaction. In reflecting about the last six weeks, Stephen concludes that he is very happy about his new job.
-The managerial skill that is least important at Stephen's middle-level management position is

Identify the conditions under which firms will earn zero, positive, or negative economic profits.

Recognize the significance of the market supply curve and its relation to individual firm supply in a competitive market.

Analyze the impact of market demand changes on firm behavior and market equilibrium in both the short and long run.

Apply the concept of opportunity costs and sunk costs to business decisions.

Definitions:

Ethnocentrism

The belief in the superiority of one's own ethnic group or culture, often accompanied by a disregard for other cultures.

Egotism

A personality trait characterized by an excessive preoccupation with oneself and one's own importance, often disregarding others.

Initiative Versus Guilt

A stage in Erik Erikson's theory of psychosocial development where children learn to assert power and control through directed play and other activities.

Erik Erikson

A developmental psychologist known for his theory on the psychosocial development of humans, identifying eight stages that span from infancy to adulthood.