Using a Fair Process in Decision Making and Making Sure

question 62

Multiple Choice

Using a fair process in decision making and making sure others know that the process is as fair as possible is referred to as

• A)procedural justice.
• B)arbitration.
• C)positive reinforcement.
• D)fair labor policy.
• E)negative reinforcement.

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Definitions:

Marginal Cost

The extra production cost for creating an additional unit of a good or service.

Average Total Cost

Represents the total cost of production (fixed plus variable costs) divided by the total quantity produced, indicating the cost per unit of output.

Subsidized

Financial support extended by the government or another body to reduce the cost of goods, services, or activities to encourage more consumption or participation.

Natural Monopolist

A single provider of a good or service in a market, where the nature of the product or service makes competition impractical due to high infrastructure or start-up costs.