If the Managers of Your Firm Have Bounded Rationality, Then

question 77

Multiple Choice

If the managers of your firm have bounded rationality, then

• A)the firm should fire them and hire more competent managers.
• B)a Nash equilibrium does not exist.
• C)they are limited in their ability to calculate and may not succeed in maximizing profits.
• D)it is not possible to maximize profits.

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Definitions:

Strategic Human Resource Management

An approach to human resource management that integrates strategies with respect to the overall goals and objectives of the business.

Human Resource Planning

The process by which an organization ensures it has the right number and kind of people, at the right place and time, capable of effectively and efficiently completing tasks that help the organization achieve its overall objectives.

Recruitment

Is a set of activities designed to attract a qualified pool of job applicants.

Quality Workforce

A quality workforce is composed of skilled and competent individuals who collectively contribute to the organization's goals and success.