In a Perfectly Competitive Market, the Price That the Firm

question 22

Multiple Choice

In a perfectly competitive market, the price that the firm faces from supply and demand is also equal to:

• A) average variable cost.
• B) marginal revenue and average revenue.
• C) average revenue but never marginal revenue.
• D) long run average cost in the short run.

---

Definitions:

High-LPC Leaders

Refers to leaders categorized by the Contingency Theory of Leadership as having a high Least Preferred Co-worker score, indicating a people-oriented approach.

Fiedler's Contingency Theory

A leadership model proposing that effective leadership depends on a match between a leader’s style and the degree to which the situation gives the leader control and influence.

Emotional Intelligence

The ability to perceive, control, and evaluate emotions in oneself and in others, often considered key to personal and professional success.

Academic Aptitude

The natural ability or potential to learn and succeed in an academic environment.