Which of the Following Would Constitute Basic Corrective Action for Employees

question 6

Multiple Choice

Which of the following would constitute basic corrective action for employees whose production has dropped?

• A)changing the pay scale
• B)taking away employee privileges
• C)looking for causes of the production drop
• D)changing how the work is carried out

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Definitions:

Constant-cost Industries

Industries where the costs of production do not change significantly with an increase or decrease in the quantity produced.

Economic Efficiency

A condition where resources are allocated in a way that maximizes the production of goods and services, and minimizes waste and inefficiency.

Economic Profit

The difference between total revenues and total costs, including both explicit and implicit costs, representing the financial gain in undertaking a particular business activity.

MR = MC

An economic condition where a firm's marginal revenue equals its marginal cost, often used to determine the profit-maximizing level of production.