Every Firm That Has the Ability to Affect the Price

question 257

Multiple Choice

Every firm that has the ability to affect the price of the good or service it sells will

• A)have a perfectly elastic demand curve.
• B)have a marginal revenue curve that lies below its demand curve.
• C)earn a short-run profit but break even in the long run.
• D)shut down in the short run.

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Definitions:

Organization Man Manager

Describes a manager who conforms to the corporate culture and policies very strictly, often prioritizing the company's needs over personal values or creativity.

Authority-compliance Manager

describes a leadership style focused predominantly on efficiency and task completion, often at the expense of team member relationships and morale.

Impoverished Manager

An impoverished manager adopts a low concern for both people and production, minimizing involvement in leadership duties and often resulting in a lack of innovation and motivation within teams.

Initiating Structure

Leader behavior aimed at defining and organizing work relationships and roles, as well as establishing clear patterns of organization, communication, and ways of getting things done.