A Mental or Problem-Solving Shortcut to Make a Decision Is

question 84

Multiple Choice

A mental or problem-solving shortcut to make a decision is called a(n) ________.

• A) determinant
• B) detail rule
• C) heuristic
• D) experience rule

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Definitions:

Output

The total value of goods and services produced by an economy over a specific time period.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Corporate Bureaucracy

The administrative system governing any large institution or organization, characterized by a hierarchy of authority, rigid division of labor, and strict regulations and procedures.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced, showing the cost of each product unit excluding variable costs.