A Change in Technology or the Relative Prices of the Inputs

question 50

True/False

A change in technology or the relative prices of the inputs used in a production process would cause a manager's choice of inputs to use in the production process to change as well.

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Definitions:

Higher-Order Need

Needs that go beyond the basic physiological or safety requirements, such as social, ego, and self-actualization needs.

Maslow's Hierarchy

Maslow's Hierarchy is a psychological theory proposed by Abraham Maslow, laying out a five-tier model of human needs, from basic physiological needs to the need for self-actualization, influencing motivations and behavior.

Theory X

Assumption that employees dislike work and will try to avoid it.

Monetary Rewards

Financial benefits given to employees or individuals as a form of recognition or incentive.