Allowing Individuals to Work on Their Own, with Little Supervision

question 29

Multiple Choice

Allowing individuals to work on their own, with little supervision is called:

• A) empowerment.
• B) management.
• C) leadership.
• D) strategic management.

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Definitions:

Marginal Cost

The added total cost resulting from the manufacture of one more unit.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, often represented as the area above the supply curve and below the equilibrium price.

Output Tax

A tax imposed based on the quantity of goods or services produced.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one additional unit varies as production increases.