Jan Is an Average Salesperson

question 17

Multiple Choice

Jan is an average salesperson.She tends to make her sales quota four out of every five months.Last month she closed the largest sale that her company has ever made in its history.Even though there is no indication that she is now an exceptional salesperson,her supervisor ranked her as one.This is an example of how a ____ error can influence a performance appraisal.

• A) halo
• B) leniency
• C) recency
• D) frequency
• E) vestibule

Understand the impact of technological improvements on the cost structures of firms and the implications for output.

Associate the concepts of average variable cost (AVC), average total cost (ATC), and minimum efficient scale to firm's short-run and long-run decisions.

Identify scenarios where firms should continue operating or shut down in the short run based on comparisons of price with AVC and ATC.

Recognize how profit maximization is reflected on graphs and tables relating to cost, revenue, and output levels.