With Which of the Following Would Frederick W

question 78

Multiple Choice

With which of the following would Frederick W. Taylor most likely have agreed?

• A) A factory depends on workers, and hence cannot be managed on a scientific basis.
• B) Planning should be separated from execution as workers lack the education necessary to plan.
• C) Workers are all of equal ability and cannot be trained to improve their work habits.
• D) Piecework initiatives are ineffective methods of organizing work in large factories.

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Definitions:

Marginal Cost

Marginal cost is the increase in total cost that arises from producing one additional unit of a good or service.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Competitive Industry

An industry characterized by many firms producing similar goods or services, where no single firm has a dominant market share.

Market Price

The existing rate at which an asset or service is available for buying or selling in the market.