If the Extra Output That Is Produced by Hiring One

question 24

Multiple Choice

If the extra output that is produced by hiring one more unit of labour adds more to _____ than to _____,the firm will increase its profit by increasing the use of labour.

• A) total cost;total revenue
• B) total revenue;total cost
• C) marginal cost;marginal revenue
• D) marginal product;marginal cost

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Definitions:

Delegating

The act of assigning responsibility and authority to another person to carry out specific activities, while the delegator retains overall responsibility for the outcome.

Hersey-Blanchard Situational Leadership Model

A theory that suggests the most effective leadership style varies according to the task at hand and the maturity level of the team or individual being led.

Vroom-Jago Leader-Participation Model

A decision-making framework for leaders that helps determine the level of involvement of team members in the decision-making process.

Decision-Making Method

A systematic process or approach used to make choices that resolve problems or achieve objectives.