-The Above Figure Shows the Market Demand Curve for Long-Distance

question 69

Multiple Choice

-The above figure shows the market demand curve for long-distance land-based telephone calls.Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry.If the firms in the industry operate as perfect competitors,the price of a call is ________ per minute and if the firms in the industry operate as a monopoly,the price of a call is ________ per minute.

• A) 2 cents; more than 3 cents and less than 4 cents
• B) more than 3 cents and less than 4 cents; more than 3 cents and less than 4 cents
• C) 1 cent; 2 cents
• D) 2 cents; either equal to or more than 4 cents
• E) either equal to or more than 4 cents; 2 cents

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Definitions:

Fiedler's Contingency Theory

A leadership theory proposing that effective leadership is dependent on the match between a leader's style and the demands of the situation.

Relationship-oriented Leaders

Leaders who prioritize the welfare, values, and needs of their team members over task-oriented goals.

Interpersonal Associations

Relationships or interactions between two or more people, which can be based on factors like friendship, work, social activities, or other forms of social connection.

Path-goal Theory

A leadership theory that states a leader's behavior is contingent to the satisfaction, motivation, and performance of their subordinates.