The Enhanced Speed and Quality of Managerial Decision-Making Due to Improvements

question 104

Multiple Choice

The enhanced speed and quality of managerial decision-making due to improvements in office automation is an example of the impact of which general environmental factor?

• A) globalization
• B) socio-cultural factors
• C) political factors
• D) technological improvements
• E) demographic changes

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Definitions:

Marginal Revenue Product

The additional revenue a firm earns by employing one more unit of input, such as labor or capital.

Variable Input

An input in the production process that can be varied in the short term to adjust output, such as labor or raw materials.

Profit-maximizing

The process or strategy by which a firm determines the price and output level that returns the greatest profit.

Output

The total amount of goods or services produced by a firm, industry, or economy in a given period.