As Part of Dave's Controlling Function of Management, He Must

question 95

True/False

As part of Dave's controlling function of management, he must monitor and evaluate performance.

---

Definitions:

Variable Input

An input in the production process that can be adjusted in the short run to change the level of output, such as labor hours or raw materials.

Marginal Cost

The investment required to manufacture one more unit of a product or service.

Diminishing Marginal Returns

A principle stating that as one factor of production increases, while others stay constant, the additional output will eventually decline.

Marginal Cost

The expansion in total financial commitment from producing one extra unit of a product or service.