According to the text, the essence of good management is:
A) to determine when a free lunch is actually free.
B) to be sure there are not "too many chefs stirring the broth."
C) to ensure that the reputation of the firm remains high.
D) to ensure that the stock price remains high.
E) to determine whether the implementation of a practice increases the value that a firm adds.
E
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The producer surplus from a good is equal to the
A) maximum amount a consumer is willing to pay for the good minus the price that actually must be paid summed over the quantity sold. B) actual price of the good minus the maximum amount a consumer is willing to pay for the good. C) opportunity cost of producing the good minus its price summed over the quantity sold. D) price of the good minus its opportunity cost of production summed over the quantity sold.
Which of the following lies primarily within the realm of microeconomics?
a. an empirical analysis of the relationship between the growth of the money supply and the rate of inflation b. an economic model forecasting the impact of a tax increase on consumer spending and national output c. a study of supply and demand conditions in the market for orange juice d. a model forecasting the impact of a change in interest rates on the level of investment in the economy