After Identifying the Alternative Ways in Which the Organization Can

question 48

Multiple Choice

After identifying the alternative ways in which the organization can reach its objectives,a manager should ________.

• A)develop plans for each alternative
• B)choose the best alternative for reaching objectives
• C)rank each alternative according to complexity
• D)develop premises on which to base each alternative
• E)choose the alternative which is most cost effective

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Definitions:

Price System

An economic mechanism that uses prices arising from supply and demand interactions to communicate information to help guide the allocation of resources.

Scarce Goods

Goods that are limited in supply in comparison to their demand, necessitating allocation mechanisms.

Automatically Distributes

Refers to processes or systems that allocate resources, duties, or information without the need for human intervention.

Price Rationing

The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.