Knowing That in the Real World, the Demand for Goods

question 23

Multiple Choice

Knowing that in the real world, the demand for goods and services could change unexpectedly, firms would attempt to deal with it by:

• A)producing different levels of goods and services according to the changes in demand.
• B)switching to the production of another product in the short-run.
• C)maintaining an inventory.
• D)closing down the production in the short-run with the hope that the situation would change in the future.

Recognize the importance of ethical leadership and the influence of leaders' decisions on organizational culture and employee behavior.

Understand the key principles of contemporary leadership theories, including Hersey and Blanchard's situational leadership model, Vroom-Jago leader-participation theory, House's path-goal theory, and Fiedler's contingency theory.

Identify different leadership styles (e.g., delegating, participating, selling, and telling) and when to use them according to the readiness of the followers.

Recognize the factors influencing the choice of leadership style, such as the importance of decision acceptance, information availability, and situational clarity.

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Definitions:

Conventional System

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Roman Numerals

A numeral system originating in ancient Rome, using combinations of letters from the Latin alphabet (I, V, X, L, C, D, M) to represent numbers.

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