The Production Possibilities Frontier Model Assumes All of the Following

question 250

Multiple Choice

The production possibilities frontier model assumes all of the following except

• A)labor,capital,land and natural resources are fixed in quantity.
• B)the economy produces only two products.
• C)any level of the two products that the economy produces is currently possible.
• D)the level of technology is fixed and unchanging.

Differentiate between public and private sector organizational behavior management.

Understand the importance of people management for organizational improvement.

Acknowledge the potential consequences of management strategies that neglect employee welfare.

Distinguish between effective and ineffective management practices within organizational behavior.

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Definitions:

Consumer Surplus

The discrepancy between what consumers are prepared and capable of paying for a product or service and the actual amount they end up spending.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they place on it.

Consumer Surplus

The discrepancy in the total charges consumers are prepared and economically able to bear for a good or service, and the charges they actually bear.

Willingness to Pay

The maximum amount an individual is prepared to spend for a good or service, reflecting the value they assign to it.