When Making Decisions,managers Often Have to Decide Between Doing What

question 81

Multiple Choice

When making decisions,managers often have to decide between doing what is beneficial for them (and possibly the firm) in the short run,and doing what is right and beneficial for the firm and for society in the long run.To address this conflict,a firm

• A) must evaluate its quarterly profit statement from an ethics standpoint.
• B) must state its long-term goals in general terms,so as not to interfere with managers' short-term goals.
• C) must always put society's needs ahead of the firm's needs.
• D) must ensure that long-term goals of the firm are aligned with the short-term goals of each individual within the firm.
• E) should adhere rigidly to legal standards in its industry.

Understand the impact of perceptual distortions on ethical decision-making and behavior in organizations.

Learn about self-efficacy, its sources, and its relevance in enhancing personal and professional performance.

Understand the psychological mechanisms behind perceptual distortions and their practical implications.

Identify and explain the components and applications of social learning theory and observational learning.

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Definitions:

Creative Destruction

A concept in economics which signifies the process by which new innovation leads to the demise of older technologies or businesses, fostering marketplace evolution.

Dominant Firms

Companies that hold a major share of the market within their industry, exerting significant influence over market conditions, including prices and available supply.

New Products

Goods or services that have been recently developed, introduced to the market, or innovated to meet consumer needs.

Monopolistic Competition

A market structure in which many firms sell a differentiated product, entry is relatively easy, each firm has some control over its product price, and there is considerable nonprice competition.