If a Business in a Perfectly Competitive Industry Is Confronted

question 16

Multiple Choice

If a business in a perfectly competitive industry is confronted with an equilibrium price of $5,its marginal revenue:

• A)may be either greater or less than $5
• B)will also be $5
• C)will be less than $5, but a positive number
• D)will be greater than $5
• E)will be negative

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Definitions:

Productivity Measurement

The evaluation of the efficiency of a worker, machine, or system in converting inputs into useful outputs.

Evaluation System

A formal process used to assess the performance, effectiveness, or value of individuals, projects, or programs.

ProMES

A performance management system that focuses on measuring and improving job performance through specific goals and feedback.

Job Characteristics Approach

A theory that suggests jobs can be designed to enhance employee motivation, satisfaction, and performance by focusing on five core job dimensions.