Given the Authority of Their Positions,managers May Be Inclined to Do

question 110

Multiple Choice

Given the authority of their positions,managers may be inclined to do a lot of __________,but not much __________.

• A)screaming; talking
• B)intuitively deciding; sound evaluating.
• C)decision making; listening
• D)answering; creating
• E)telling; listening

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Definitions:

Least-costly Combination

A perfect combination of resources that lowers the production cost while reaching a target output level.

Profits

Financial gains realized when the revenues from business activities exceed the expenses, costs, and taxes needed to sustain the operation.

Profit-maximizing Combination

An optimal mix of inputs or factors of production that results in the highest possible profit for a firm, given the costs and available resources.

Production Costs

Expenses incurred by a business in the process of creating a good or service, including raw materials, labor, and overhead.