A Subfield of the Classical Perspective Is the __________, Which

question 103

Short Answer

A subfield of the classical perspective is the __________, which emphasizes management on an impersonal, rational basis through elements such as clearly defined authority and responsibility, formal recordkeeping, and separation of management and ownership.

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Definitions:

Variable Inputs

Inputs whose quantities can be changed in the short term to adjust production levels, such as labor and raw materials.

Fixed Input

An input whose quantity does not change with the level of output in the short run.

Marginal Product

The additional output that is produced by using one more unit of a variable input, holding all other inputs constant.