Management by Walking Around

question 16

Multiple Choice

Management by walking around:

• A)is the label used to describe new executives when they get lost in unfamiliar buildings.
• B)should be used only when executives need to explain corporate decisions.
• C)minimizes the problem of filtering in the communication process.
• D)is an ineffective process for upward communication.
• E)All of these statements refer to management by walking around.

---

Definitions:

Highly Elastic

Referring to a situation where the quantity demanded or supplied responds significantly to changes in price.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.

Consumer Surplus

The difference between the maximum price consumers are willing to pay and the price they actually pay. It is the net gain derived by the buyers of the good.

Cell-Phone Service

A service provided by telecommunications companies that enables mobile phone users to make and receive calls, texts, and use data.