A Department Manager Evaluated the Performance of Her Subordinates as Part

question 320

Multiple Choice

A department manager evaluated the performance of her subordinates as part of a performance appraisal process. If she follows the six-step appraisal process, the next step is

• A) meet with employees to discuss the results.
• B) write up a performance review report and submit it to top management.
• C) adjust the standards based on how well the employees did.
• D) make decisions about training, promotions, and pay raises.

Distinguish between the concepts of economic profits in the short run and long run across different market structures.

Appreciate the role of consumer surplus and how it is affected by market structures and pricing strategies.

Interpret demand elasticity for firms in monopolistic competition relative to perfect competition and monopoly.

Understand the criteria for monopolistic competition and the concept of perfect price discrimination.

---

Definitions:

CEO

The Chief Executive Officer, the highest-ranking individual in a company or organization, responsible for making major corporate decisions.

Outsider

An individual who is not part of a specific group, community, or organization and may have a fresh or unbiased perspective.

Leadership Position

A role or office that carries the authority to guide and direct others, making decisions that influence the course of events or business operations.

Radical Change

Profound and fundamental transformation that dramatically alters the existing structure, operations, or culture of an organization, system, or societal norm.