Instead of Studying for an Additional Two Hours for the Economics

question 10

Multiple Choice

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

• A) a decision that does not involve an opportunity cost.
• B) a rational decision if her marginal cost from the movie is greater than her marginal benefit.
• C) a rational decision if her marginal benefit from the movie is greater than her marginal cost.
• D) an irrational decision because studying is more important than watching a movie.
• E) a decision that is not on the margin because she will see the entire movie.

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Definitions:

Mountain Bike

a type of bicycle designed for off-road cycling, featuring sturdy frames, knobby tires, suspension systems, and powerful brakes to handle rough terrain.

Quality Management

The aspect of management focused on maintaining and improving the quality of products, services, and processes through continuous feedback and strategic planning.

Scientific Management

A management theory developed by Frederick W. Taylor, emphasizing time studies, work studies, and the scientific method of measuring work performance and productivity.

Deming

Pertains to W. Edwards Deming, an American engineer, statistician, professor, author, lecturer, and management consultant known for his work in quality management and process improvement.