MrSlabaugh Wants to Formulate a Plan That Lays Out General

question 1

Multiple Choice

Mr.Slabaugh wants to formulate a plan that lays out general guidelines for his employees and leaves room for interpretation.Which of the following types of plans would best suit his requirement?

• A)informal
• B)specific
• C)directional
• D)standing

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Definitions:

Perfectly Competitive

A market structure where numerous small firms compete against each other selling identical products, and where no single firm can influence the market price.

Total Profit

The overall financial gain made by a business after subtracting all costs and expenses from the total revenue.

Marginal Profit

The additional profit earned by producing and selling one additional unit of a good or service.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, holding all other inputs constant.