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Why might firms that hire mostly untrustworthy people struggle to provide as much output in a competitive market as firms that attract and retain mostly honest individuals?

Short Answer

Expert verified

The discrepancy grows as a job has become more complex.

Step by step solution

01

Introduction

Attracting and retaining talent, improving current talent, managing employees, creating leaders, making decisions, restructure to capture value quickly, lessening operating expenses for future, creating culture a market leader, leading transition, and transitioning to innovative senior roles are the ten most basic issues currently facing leaders.

02

Given Information

It's amazing how much of a productivity boost a company can get from great people.

03

Explanation

Prime performers are 400percent more efficient than average results, according to a new analysis of 600,000 researchers, artists, politicians, and athletes. 2 Company studies not only reveal similar result, but it also show that the discrepancy grows as a job has become more complex.

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Most popular questions from this chapter

Explain why each of the following examples is not a perfectly competitive industry.

a. One firm produces a large portion of the industry's total output, but there are many firms in the industry, and their products are indistinguishable. Firms can easily exit and enter the industry.

b. There are many buyers and sellers in the industry. Consumers have equal information about the prices of firms' products, which differ moderately in quality from firm to firm.

c. Many taxicabs compete in a city. The city's government requires all taxicabs to provide identical services. Taxicabs are nearly identical, and all drivers must wear a designated uniform. The government also enforces a binding limit on the number of taxicab companies that can operate within the city's boundaries.

In several perfectly competitive markets for minerals used as inputs in digital devices, persistent increases in demand eventually have generated long-run increases in the market prices of these devices. Describe in words the types of adjustments that must have occurred in these markets to have brought about this outcome, and evaluate whether such digital-device industries are increasing-, constant-, or decreasing-cost industries.

Suppose that the firm with the costs and revenues tabulated in Figure 23-2 is contemplating whether to produce 12 units of output. If it were to produce this many units, what (if anything) would happen to the market price? What would be the firm's marginal revenue for the 12th unit produced? What would be the firm's total revenues per hour?

Consider Figure 23-8. Why does the output rate in panel (b) remain atqe units per hour even if the position of the AC curve shifts from AC1toAC3following an increase in fixed costs, and how do we know that economic profits then become negative?

Why might daily variations in the market clearing price of recycled plastic induce some firms to call in their workers and pay them wages for their labor services on some days but tell them to stay home on others?

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