Greta, an Administrative Assistant in the Print Shop of a Large

question 118

Multiple Choice

Greta, an administrative assistant in the print shop of a large company, orders office supplies biweekly; today she needs copier paper and ink cartridges. She looks at the office supply catalog and, because the consequences are not huge, quickly picks a selection for each product that is priced acceptably. In this scenario, Greta is using _____.

• A)management by exception
• B)optimizing
• C)satisficing
• D)the garbage can model
• E)maximizing

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Definitions:

Input

Resources used in the production process, including labor, materials, and capital.

Production Function

A production function describes the relationship between inputs utilized in production and the output generated from those inputs.

Returns To Scale

The rate at which production output increases as a result of a proportional increase in all inputs (labor, capital, etc.).

Input

The resources, materials, or energy used in the production process to generate output.