Stan Owns a Software Design Business

question 104

Multiple Choice

Stan owns a software design business.He does not have time to expand his office space or redesign the layout of his office.He can increase the amount of work he does by working more hours, asking his current employees to work more hours, or hiring more employees.The relationship between Stan's inputs and the maximum output his firm can produce is called his

• A)long-run production function.
• B)production possibility frontier.
• C)short-run production function.
• D)cost function.

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Definitions:

Personal Goals

Individual objectives that a person aims to achieve, which can be short-term or long-term and vary in nature.

Achievable Goals

Objectives that can realistically be accomplished within a given timeframe and with available resources.

McGregor

Douglas McGregor, an American social psychologist who proposed the Theory X and Theory Y concepts of employee motivation and management.

Theory Y

A management concept based on the belief that employees are intrinsically motivated to work and can be trusted with responsibility and autonomy.