A New Employee Is Given the Responsibility of Keeping the Minutes

question 45

Multiple Choice

A new employee is given the responsibility of keeping the minutes for her work team's meetings. What advice will you give her?

• A) Devote most of the space in your minutes to summarize the discussion at the meeting.
• B) Avoid using bulleted lists.
• C) Minutes should not be action-oriented because the main purpose of the minutes is to record the flow of the discussion.
• D) Record specific decisions resulting from the meeting.
• E) A table is an ineffective format for recording meeting minutes.

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Definitions:

Marginal Social Cost

The additional cost imposed on society due to the production or consumption of one more unit of a good or service.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product that is homogenous across suppliers, leading to price competition and efficiency.

External Benefits

Benefits from a transaction or activity that accrue to others not directly involved in the transaction or activity.

External Costs

Costs generated by production or consumption activities that are not borne by the producer or consumer but by a third party or society at large.