The Inverse Demand Function for Soybeans Is P = 30,000

question 43

Multiple Choice

The inverse demand function for soybeans is p = 30,000 - 6q. Total revenue in this market will be maximized when the quantity of soybeans produced is

• A) 3,611 bushels.
• B) 5,000 bushels.
• C) 1,250 bushels.
• D) 2,500 bushels.
• E) none of the above.

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Definitions:

Fiedler's Contingency Model

A leadership theory proposing that effective group performance depends on the proper match between a leader's style of interacting with subordinates and the degree to which the situation gives control and influence to the leader.

Least-preferred Co-worker

The least-preferred co-worker is a term from Fiedler's contingency theory, referring to the person a leader has least preferred to work with, used to measure the leader's task or relationship orientation.

Leadership Style

The approach and manner in which a leader directs, motivates, guides, and manages groups of people, influencing how they achieve objectives and shape organizational culture.

Fiedler's Contingency Model

A theory proposing that effective leadership depends on the situational context and the match between the leader’s style and specific situational variables.