The Decision-Making Technique Designed to Help with Group Decision Making

question 114

Multiple Choice

The decision-making technique designed to help with group decision making by ensuring that all members participate fully is

• A)majority rule.
• B)consensus.
• C)the Delphi technique.
• D)the nominal group technique.

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Definitions:

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its ability to increase production.

Long Run

A period in economics in which all factors of production and costs are variable, allowing for full adjustment to changes.

Total Revenue

Total revenue is the total income generated by a company from its sales of goods or services before any expenses are subtracted.

Total Cost

The sum of all costs incurred in the production of goods or services, including both fixed and variable costs.