Sunk Costs

question 24

Multiple Choice

Sunk costs:

• A)will not affect any aspect of decision making by a competitive firm in the short run.
• B)are costs that can only be controlled by reducing labor input.
• C)affect the shutdown price in that higher sunk costs raise the shutdown price.
• D)do not affect the profit or losses of a firm.

Recognize the psychological states influenced by core job characteristics in the Job Characteristics Model.

Describe job crafting, its effectiveness, and its impact on job satisfaction.

Discuss the relationship between job demands, job resources, and employee motivation.

Illustrate the concepts of job enlargement and job redesign and their impact on employee satisfaction.

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Definitions:

Quintile

A statistical value dividing a data set into five equal parts, each representing 20% of the population being studied.

Medicaid

A joint federal and state program that helps with medical costs for some people with limited income and resources.

Disabled Persons

Individuals who have a physical, mental, intellectual, or sensory impairment which, in interaction with various barriers, may hinder their full and effective participation in society on an equal basis with others.

Federal Level

Pertaining to the national government or aspects of governance that involve the entire country as opposed to local or state levels.