The More Broadly a Good Is Defined

question 183

Multiple Choice

The more broadly a good is defined,

• A)the more substitutes it has so the more elastic is its demand
• B)the fewer substitutes it has so the more elastic is its demand
• C)the more substitutes it has so the less elastic is its demand
• D)the fewer substitutes it has so the less elastic is its demand
• E)the more complements it has so the more elastic is its demand

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Definitions:

Illegitimate Power

Authority or influence that is exerted through unethical, coercive, or unauthorized means, often disregarded by those subjected to it.

Information Power

The influence and control one has due to possessing valuable knowledge, facts, or data that others do not have.

Referent Power

A form of influence that one individual has over another based on the strength of their relationship or the charisma and likability of the person who holds power.

Coercive Power

The ability of a person or group to enforce compliance through threats or punishment.