Average Cost

question 24

Multiple Choice

Average cost

• A)is always larger than marginal cost.
• B)declines for some range of output, hits a minimum, and then increases.
• C)is always smaller than marginal cost.
• D)is total cost/price of the product.

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Definitions:

Trait Theory

A theory that suggests leaders possess certain traits or characteristics that contribute to their leadership effectiveness.

Leadership

The process of influencing and guiding individuals or groups to achieve goals, often involving vision, motivation, and strategic direction.

Initiating Structure

A leadership behavior that involves setting up roles, tasks, and guidelines to organize work and establish clear pathways to goal achievement.

Leader Job Performance

The effectiveness with which a leader accomplishes their responsibilities and goals in an organizational setting.