Which Approach to Management Do Successful Managers Tend to Use

question 74

Multiple Choice

Which approach to management do successful managers tend to use?

• A) Modified contingency
• B) Closed systems
• C) Mixed bag
• D) Incremental
• E) Contingency

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Definitions:

Utility Maximization

An economic principle where individuals or institutions make choices to achieve the highest satisfaction or benefit from their resources.

Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable.

MU/P Ratio

The ratio of marginal utility (MU) to price (P), used to determine the optimal consumption point where consumer satisfaction per unit of cost is maximized.

Marginal Utility

The heightened benefit received from using one more unit of a good or service.