The Power That Results from the Admiration of an Individual

question 12

Multiple Choice

The power that results from the admiration of an individual is

• A)referent power.
• B)legitimate power.
• C)expert power.
• D)coercive power.

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Definitions:

Monopolist

A single seller in a market who has significant control over the price and supply of a product.

Marginal Cost

The variation in the overall expense that occurs as a result of increasing the production quantity by one unit.

Consumer Surplus

The benefit consumers receive when they pay less for a product than what they were prepared to pay, measured by the area beneath the demand curve and above the price.

Monopolist

An entity, often a single firm, that holds exclusive control over the supply of a particular good or service, setting prices without competition.