If a Competitive Firm Maximizes Short-Run Profits by Producing Some

question 7

Multiple Choice

If a competitive firm maximizes short-run profits by producing some quantity of output,which of the following must be true at that level of output?

• A) p = MC
• B) MR = MC
• C) p ≥ AVC
• D) All of the above

Recognize the factors influencing the choice of leadership style, such as the importance of decision acceptance, information availability, and situational clarity.

Differentiate between decision-making methods (authority decision, consultative decision, group decision) in leadership and their situational appropriateness.

Describe substitutes for leadership and situations where leadership may be less influential.

Explain the role of leader and follower characteristics in determining the effectiveness of leadership styles.

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Definitions:

Subordinate Performance

Refers to the output or work-productivity levels of employees who report directly to a manager or supervisor.

Transformational Leadership

A leadership approach that inspires and motivates followers to exceed expectations and achieve extraordinary outcomes through visionary change.

Preferences

This refers to one's likes, dislikes, and inclinations toward certain choices or decisions over others.

Ethics

A branch of philosophy that deals with questions about morality, principles, and the concepts of right and wrong conduct.