Which of the Following Statements by Managers Reflects a Recognition

question 33

Multiple Choice

Which of the following statements by managers reflects a recognition of contingencies?

• A)"We took a real chance building the plant in that location."
• B)"Those engineers should get out into the real world once in a while."
• C)"If my employees work hard, I'm friendly.If not, I crack down."
• D)"I always try to treat the union steward with courtesy."
• E)"The customer is always right."

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Definitions:

Marginal Revenue

The increased earnings a business obtains from the sale of one extra unit of goods or services.

Maximizing Profits

The process by which a firm adjusts its production to achieve the highest possible profit.

Metropolitan Opera

A leading American opera company based in New York City, known for its live performances and international broadcasts.

Perfect Competitor

A perfect competitor refers to a market participant in a perfectly competitive market, characterized by many buyers and sellers, all dealing in a homogenous product with no barriers to entry or exit.