You Have Noticed That Your Employee Is Not Performing at the Level

question 66

Essay

You have noticed that your employee is not performing at the level you had hoped. In fact, you have determined his poor performance is due to a lack of ability. Explain (in the order that they should be utilized) the five tools an effective manager would employ in this situation.

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Definitions:

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.

Long-Run Equilibrium

A state in which all inputs can be adjusted by firms, market supply equals demand, and there is no incentive for economic actors to alter their behavior.

Excess Capacity

The condition where a business produces less than the maximum amount possible, often leading to inefficiency.

Average Total Cost

The total cost of production divided by the quantity produced, taking into account both fixed and variable costs.