Any Imperfection in the Market Mechanism That Prevents Optimal Outcomes

question 145

Multiple Choice

Any imperfection in the market mechanism that prevents optimal outcomes is known as

• A)Market failure.
• B)Government failure.
• C)External cost.
• D)Public cost.

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Definitions:

Charisma

A personal quality that gives an individual influence or authority over large numbers of people.

Chief Executives

Top-level managers who are responsible for the overall direction and success of an organization.

Bass's Transformational Leadership

A leadership approach that transforms followers through inspirational motivation, intellectual stimulation, and individualized consideration.

Exchange Relationship

A dynamic where two or more parties give and receive something of value, fostering a reciprocal connection.