A Wheat Farmer and a Firm in a Perfectly Competitive

question 153

Multiple Choice

A wheat farmer and a firm in a perfectly competitive market are similar in that

• A)both face vertical demand curves.
• B)both have to lower their prices if a rival firm lowers its price.
• C)both face horizontal demand curves.
• D)both will earn an economic profit if their total revenue equals their total cost.

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Definitions:

Organizational Rituals

Ceremonies or practices that are performed regularly within an organization and contribute to its culture and identity.

Dominant Values

The most influential or widely accepted beliefs and standards within a society or organization.

Organizational Culture

The shared values, beliefs, and practices that influence the behavior and interactions of members within an organization.

Business Contract

A legally binding agreement between two or more parties that outlines the terms and conditions of a business transaction.