-The Figure Above Shows a Firm in a Perfectly Competitive

question 61

Multiple Choice

-The figure above shows a firm in a perfectly competitive market. If the price rises from P₃ to P₄ then output will increase by

• A) 0 units.
• B) 1 unit.
• C) 2 units.
• D) 3 units.

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Definitions:

Organizational Power

The capacity of individuals or groups within an organization to influence decisions, control resources, and direct the behavior of others.

Market Competition

The rivalry among businesses to attract customers and achieve higher sales, profits, and market share.

Authentic Leadership

A leadership style centered on transparency, ethicality, and fostering trust, aimed at encouraging genuineness among leaders.

Follower Identification

The extent to which followers see themselves as being similar to, and aligned with, their leaders and the group.