Authentic Leaders

question 13

Multiple Choice

Authentic leaders:

• A)can be trusted.
• B)are characterised by followers who believe such leaders are ethical.
• C)share information and encourage open communication.
• D)all of the above.

Understand the conditions that lead to zero economic profit in the long run within perfectly competitive markets.

Describe how a firm's supply curve is determined in a competitive market.

Understand the concept of scarce resources and their effect on the long-run supply curve in a competitive market.

Define market power and identify conditions under which a firm possesses it.

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Definitions:

Bananas

A tropical fruit that is elongated and curves, with soft flesh rich in starch covered by a rind, which may be green, yellow, red, purple, or brown when ripe.

Baseballs

Spherical balls used in the game of baseball, made of rubber or cork center wrapped in yarn and covered in leather.

Market Forces

The natural effects of supply and demand that determine prices and resource allocation in a market economy.

Collective Decision-Making

The use of the political process (voting, taxes, government spending, regulation, political bargaining, lobbying, and so on) to make decisions and allocate resources. In a democratic setting, the votes of citizens and their representatives will determine the actions undertaken.