If Resources Are Limited the Greatest Profit Can Be Earned

question 7

Multiple Choice

If resources are limited the greatest profit can be earned by:

• A)maximising production of the product with the highest contribution margin per unit of the limiting factor.
• B)minimising production of the product with the highest contribution margin per unit of the limiting factor.
• C)maximising production of the product with the lowest contribution margin per unit of the limiting factor.
• D)none of the options is true

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Definitions:

Hindsight Bias

is the tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.

Just-World Phenomenon

A cognitive bias that leads people to believe that the world is inherently fair, causing them to rationalize an unjust situation as deserved by the victim.

Scapegoating

The practice of singling out any party for unmerited negative treatment or blame as a way of deflecting attention from one’s own failures or inadequacies.

Aggression

A range of behaviors that can result in both physical and psychological harm to oneself, others, or objects in the environment.