The Short-Run Industry Supply Curve Slopes Up Because

question 266

Multiple Choice

The short-run industry supply curve slopes up because

• A) the firms eventually experience diseconomies of scale.
• B) the law of diminishing marginal product applies in the short run.
• C) wages increase as the industry increases output.
• D) the higher price is needed to get more firms to enter the industry.

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Definitions:

Blake and Mouton

Represents a managerial grid model that identifies five different leadership styles based on the concern for people and the concern for production.

Leadership Style

The distinctive way in which a leader directs, guides, and influences the behavior and work of others, often shaped by personal qualities and approach.

Rewards

Benefits or recognitions given in response to an individual's achievement or performance.

Initiating Structure

Leadership behavior focused on defining roles, tasks, and the goals of a team or organization, often leading to higher levels of order and productivity.