Greg's Bakery Chain Is Planning to Diversify into Producing and Selling

question 14

Multiple Choice

Greg's Bakery chain is planning to diversify into producing and selling candy.It has opened a new factory to support this plan,and the factory is ready to be staffed.The top management at Greg's has decided to offer the best salaries in the industry to its latest employee additions.In this situation,which of the following staffing goals should Greg's follow?

• A)hiring a large number of employees
• B)hiring the best qualified employees
• C)hiring high-salaried employees
• D)providing an extensive training period

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Definitions:

Excess Demand

A situation where the quantity demanded of a good or service exceeds the quantity supplied at the current price, leading to upward pressure on prices.

Good X

A term used to represent a hypothetical or specific good in economic models and discussions.

Excess Supply

A situation where the quantity of a good supplied is greater than the quantity demanded at the current price.

Good Y

A non-specific term used in economic models to represent a product or service, usually contrasted with another good, referred to as "Good X."