The Traditional Approach to Coping with Environmental Uncertainty Was

question 36

Multiple Choice

The traditional approach to coping with environmental uncertainty was:

• A)to lay off employees.
• B)to merge existing departments into one.
• C)to establish buffer departments.
• D)to replace human resource with technology.

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Definitions:

Budget Constraint

The limits imposed on household choices by income, wealth, and product prices.

Choice Set

The collection of all possible options available for selection by a decision-maker.

Leftover Income

The amount of income that remains after all necessary expenses, such as bills and living costs, have been paid.

Budget Constraint

A limit on the consumption bundles that a consumer can afford given their income and the prices of goods.