An Advantage of the Critical Incident Method Is That

question 38

Multiple Choice

An advantage of the critical incident method is that

• A)it provides instant feedback to employees on critical issues.
• B)it focuses on the whole job and how every task is performed.
• C)results are easily linked to pay increase decisions.
• D)the process is transparent for both managers and their employees as the criteria are agreed to in advance.
• E)it provides hard facts for explaining the appraisal.

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Definitions:

Pure Competitor

A market condition where many small firms sell identical products, and no single seller can influence the market price.

Marginal Resource Cost Curve

A graphical representation showing the change in total cost incurred by a firm when it utilizes an additional unit of an input or resource.

Competitive Labor Market

A competitive labor market is characterized by numerous employers and workers where no single entity has the power to influence wages, ensuring efficient allocation of labor.

Monopsonist

A market situation where there is only one buyer for many sellers, giving the single buyer significant control over prices and terms of purchase.