When Implementing a New System,management Often Has to Decide Whether

question 80

Multiple Choice

When implementing a new system,management often has to decide whether to train existing employees or hire new employees.Many times it is best to retain and retrain current employees because

• A) current employees are already familiar with the firm's operations.
• B) overall employee morale is enhanced.
• C) current employees are already familiar with the firm's operations and overall employee morale is enhanced.
• D) None of these answers is correct.

---

Definitions:

Consumer Surplus

The gap between the amount consumers are prepared to spend on a product or service and the amount they end up paying.

Excess Demand

A situation in which the quantity demanded of a good exceeds the quantity supplied at the existing price, often leading to a rise in price.

Supply Functions

Mathematical expressions that relate the quantity of a good that producers are willing to sell to the price of the good and other factors.

Demand Functions

Mathematical representations that describe the relationship between the quantity demanded of a good and its determinants like price, income, and preferences.