To Develop a Useful Picture of a Firm's Behavior,economists Assume

question 8

Multiple Choice

To develop a useful picture of a firm's behavior,economists assume that the

• A)firm's goal is to maximize total revenue
• B)firm's goal is to maximize profit
• C)firm's goal is to minimize marginal cost
• D)roles of owner,manager and worker are performed by the same individuals
• E)roles of owner,manager and worker are interchangeable

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Definitions:

Bargaining Power

The ability of a party to exert influence over another party in negotiations to achieve desirable terms.

Collective Bargaining

The practice of negotiating terms of employment, including wages and working conditions, between an employer and a group of workers or their representatives.

Rank And File

The ordinary members of an organization or the workforce, in contrast to its leaders or managers.

Bargaining Environment

The context or setting in which negotiation and discussions between employers and employees or their representatives occur, influenced by economic, legal, and social factors.