Formal Power Refers to Power That Comes From

question 64

Multiple Choice

Formal power refers to power that comes from:

• A)the knowledge the person has
• B)the skills the person has
• C)personal qualities of the person
• D)the position the person holds in an organization
• E)the loyalty the salespeople have for the manager

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Definitions:

Monopolistically Competitive Firm

A company that operates in a market with many competitors that sell products or services which are not perfect substitutes, allowing for some degree of market power.

Entrance

refers to the act or point of entering, which can be physical, such as entering a building, or metaphorical, such as entering a market.

Reducing Profits

Actions or factors that decrease the earnings or profitability of a business.

Monopolistic Competition

A market structure in which many firms sell products that are similar but not identical.