-Suppose That for Each Firm in the Competitive Market for Potatoes,long-Run

question 31

Multiple Choice

-Suppose that for each firm in the competitive market for potatoes,long-run average cost is minimized at 20¢ per pound when 500 pounds are grown.The demand for potatoes is Q = 10,000/p.If the long-run supply curve is horizontal,then how many firms will this industry sustain in the long run?

• A)0
• B)100
• C)50,000
• D)There is not enough information to answer.

Recognize the importance of continuous evaluation of performance metrics.

Understand the concepts and components of a balanced scorecard.

Identify the role and construction of performance metrics and targets within organizational strategy.

Differentiate between leading and lagging indicators.

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Definitions:

Libertarianism

A political philosophy that emphasizes individual liberty, free-market principles, and minimum government intervention in the lives of citizens.

NLRA Deregulation

Efforts or proposals aimed at reducing the government rules and restrictions associated with the National Labor Relations Act, which governs labor relations in the United States.

Voluntarism

The principle or practice of relying on voluntary action (rather than state intervention) in social and economic matters, including labor relations.

Shareholder Model

A corporate governance framework where the interests of shareholders are the primary focus of company management.