Refer to the Accompanying Figure to Answer the Following Questions

question 104

Multiple Choice

Refer to the accompanying figure to answer the following questions.

-If a firm is producing a quantity of 100 and charging a price of $10,it

• A) should continue to produce 100 units but raise the price to $13 to maximize profits.
• B) should increase production to 150 units but raise the price to $25 to maximize profits.
• C) should continue to produce 100 units but raise the price to $25 to maximize profits.
• D) should increase production to 100 units and raise the price to $13 to maximize profits.
• E) is already maximizing profits and should not change the price or quantity produced.

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Definitions:

Transformational Leadership

A leadership style that inspires positive change in followers by creating a vision for the future, motivating, and improving the morale and performance of the team.

Transactional Leadership

A leadership style focused on the supervision, organization, and performance of a group or organization, often involving a system of rewards and penalties.

Leadership

The art of motivating a group of people towards achieving a common goal.

Management Development

A systematic process of training and growth by which individuals improve their management skills and competencies.