Suppose That the Cost Curves of the Firms Do Not

question 18

Multiple Choice

Suppose that the cost curves of the firms do not change when (identical) firms enter or exit the market. Under this scenario, a change in demand will _____ in a change in the market quantity because the number of firms will _____.

• A) not result; not change
• B) result; not change
• C) not result; change
• D) result; change

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Definitions:

Team Potency

The collective belief of a team in its own effectiveness and ability to successfully accomplish tasks.

Clarifying Goals

The process of making objectives clear and understandable to ensure all team members are aligned and working towards the same outcomes.

Servant Leadership

A leadership philosophy in which the main goal of the leader is to serve others by prioritizing the welfare of the team or organization over personal gain.

Institutional Power

The control and influence held by organizations or structures within society, often manifested through policies, rules, and regulations.