Which Expression Is Correct for a Competitive Firm

question 53

Multiple Choice

Which expression is correct for a competitive firm

• A)Profit = Total revenue - Total variable cost
• B)Marginal revenue = (Change in total revenue) ÷ (Change in quantity of output)
• C)Average revenue = Total revenue ÷ Marginal revenue
• D)Total revenue = Marginal revenue + Average revenue

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Definitions:

Delegating

The act of assigning responsibility and authority to someone else to carry out specific activities, while maintaining accountability for the outcome.

Hersey-Blanchard's Situational Leadership

A model that proposes effective leadership requires adapting one's style to the maturity level of the followers.

Employee Readiness

The state of being prepared and equipped by employees to undertake specific tasks or embrace changes within an organization.

Ability, Willingness, Confidence

The trio of having the skills, desire, and self-assurance necessary for achieving a particular goal or task.