A Resource That Earns Only Economic Rent

question 49

Multiple Choice

A resource that earns only economic rent

• A)cannot be employed in any other line of production, so its opportunity cost is zero
• B)is rental payment for a resource that has already been paid for
• C)is impossible because all resources have an opportunity cost associated with their use
• D)is not fixed in quantity
• E)has a perfectly elastic supply curve

Recognize the fundamentals of the leadership substitutes model and its application in neutralizing or replacing leaders.

Identify and distinguish between different leadership styles and theories including path-goal, transformational, transactional, and situational leadership.

Grasp the situational leadership model and its proposition that leadership style should match the leader's natural style with the situation.

Comprehend that the effectiveness of a leadership style can be contingent on the situation, as suggested by Fiedler's model.

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Definitions:

Simultaneous Game

A type of game in game theory where players make their moves without knowledge of the other players' actions.

Discourage

To dissuade or deter someone from taking a particular action or continuing a certain behavior by instilling doubt or fear of consequences.

Sequential Game

A type of game theory model where players make decisions one after another rather than simultaneously.

Monopolized

A market condition where a single entity controls the entire supply of a product or service, eliminating competition.