Under Which of the Following Conditions Will a Profit-Maximizing Perfectly

question 180

Multiple Choice

Under which of the following conditions will a profit-maximizing perfectly competitive firm shut down in the short run?

• A) when it is making a normal profit
• B) whenever its marginal cost is less than its marginal revenue
• C) when the price is less than its minimum average variable cost
• D) whenever its total cost is greater than its total revenue
• E) when the price is less than its minimum average total cost

Identify the three levels in an organization where change occurs according to Kurt Lewin.

Describe the unfreezing stage in the Lewin change model.

Understand why organizational development (OD) is often used as a tool for empowerment.

Critique the Lewin change model based on current criticisms.

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Definitions:

Budget Constraints

The limitations on a consumer's ability to purchase goods and services based on their income and the prices of goods and services.

Preferences

Describes individuals' choices and priorities among different bundles of goods and services.

Indifference Curves

A graph showing a series of lines that represent different bundles of goods between which a consumer is indifferent.

Diminishing Marginal

Refers to a principle where the marginal gain (such as utility or productivity) from an additional unit decreases as more units are consumed or produced.