Which of the Following Steps Can Be Taken by a Manager

question 22

Multiple Choice

Which of the following steps can be taken by a manager so as to minimize groupthink?

• A) Increase the group size.
• B) Encourage group leaders to express their own opinions especially in the early stages of deliberation.
• C) Prevent all team members from playing the role of "devil's advocate."
• D) Ask the group members to first focus on the positives of an alternative rather than the negatives.
• E) Ask the group leader to actively seek input from all members.

Understand the concept of implicit costs and their relevance to business economics.

Calculate and distinguish between accounting profit and economic profit.

Recognize explicit costs and their impact on a firm's financial statements.

Comprehend the relationship between economic profit, accounting profit, and normal profit.

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Definitions:

Mark-up

The difference between the cost of a good or service and its selling price, expressed as a percentage of the cost.

Selling Price

The price at which a product or service is sold to customers, determining the revenue generated from sales.

Retailer's Cost

The price a retailer pays to procure goods for sale, not including additional expenses like marketing or distribution.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, resulting in the retail price.