Holding Demand Constant, a Reduction in Supply Leads to

question 122

Multiple Choice

Holding demand constant, a reduction in supply leads to

• A) lower prices and higher quantity demanded.
• B) lower prices and lower quantity demanded.
• C) higher prices and higher quantity demanded.
• D) higher prices and lower quantity demanded.

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Definitions:

Scientific Management

Uses systematic study of job components to develop practices to increase people’s efficiency at work.

Frederick Taylor

is known as the father of scientific management, emphasizing efficiency and productivity through the systematic study of work processes.

Paired Comparisons

A method used to evaluate, rank, or make choices between options by comparing them in pairs.

Performance Appraisal Method

A system used by organizations to evaluate and improve employee performance through structured feedback and ratings.