Businesses Choose from Several Production Processes By

question 18

Multiple Choice

Businesses choose from several production processes by:

• A)producing a given level of output with a process that minimizes costs
• B)selecting the most efficient process of production given the price of each unit of output
• C)using a balanced mix of inputs
• D)choosing to be capital-intensive at all times
• E)choosing to be labour-intensive at all times

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Definitions:

Systems Theorists

Scholars who study the interconnections and interactions within and among systems in various disciplines.

Behavioral

Relating to the actions or reactions of an individual or group in response to external or internal stimuli.

Scientific Management

An approach to management focused on examining and integrating workflows in order to boost economic performance and elevate productivity among employees.

Self-sufficient Entity

An organization or individual that can fulfill all of its needs without external assistance.