Organizations Started Emphasizing on Making Rules and Regulations During

question 23

Multiple Choice

Organizations started emphasizing on making rules and regulations during:

• A)Mechanistic period
• B)Legalistic period
• C)Catalytic period
• D)Strategic period

Apply the concept of opportunity cost in economic decision-making.

Appreciate Adam Smith’s contribution to understanding the significance of specialization and economies of scale in economic theory.

Grasp the concept of diminishing marginal productivity and its impact on cost functions.

Understand how to calculate average fixed cost, average variable cost, and average total cost from given production and cost data.

---

Definitions:

Negligence-Based

Pertaining to a cause of action that arises from the failure to exercise a standard of care, resulting in harm to another.

Product Liability Actions

Legal actions taken against manufacturers or sellers for producing or distributing a faulty product that caused harm to the consumer.

Comparative Negligence

A legal principle that reduces the plaintiff's damages based on their percentage of fault in an accident.

Strict Product Liability

A legal doctrine that holds sellers or manufacturers liable for defective products regardless of fault or intent, as long as the product was used as intended.