For a Firm Operating in a Competitive Industry, Which of the Following

question 453

Multiple Choice

For a firm operating in a competitive industry, which of the following statements is not correct?

• A)Price equals average revenue.
• B)Price equals marginal revenue.
• C)Total revenue is constant.
• D)Marginal revenue is constant.

---

Definitions:

Idealized Influence

A leadership style where the leader serves as a strong role model, inspiring respect and trust through a demonstration of high ethical standards.

Leader Substitutes

Factors in a work environment that diminish the need for a leader, such as highly knowledgeable teams or comprehensive work processes.

Transformational Leadership Model

describes a leadership approach that causes change in individuals and social systems, inspiring followers to exceed their own interests for the good of the group or organization.

Idealized Influence

A leadership behavior characterized by acting as a strong role model with high ethical standards.