Deming Felt That Any New Skills That Employees Needed Should

question 103

Multiple Choice

Deming felt that any new skills that employees needed should be acquired ________.

• A)when they are hired and trained
• B)by the employees on their own
• C)when the need arises
• D)years ahead of time

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Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a product or service; it is an important concept in economics for understanding how to optimize production levels.

Long Run

A period of time during which all factors of production and costs are variable, in contrast to the short run where some costs are fixed.

Short Run

A time period in economics where at least one input is fixed, affecting production capacity.

ATC

Average Total Cost refers to the total cost of production divided by the quantity of output produced.