In Chapter 8 of Your Textbook,power Is Said to Be

question 56

Multiple Choice

In chapter 8 of your textbook,power is said to be ______ if it is exercised according to one's own interests rather than one's sanctioned authority within the bureaucracy.

• A)legitimate
• B)illegitimate
• C)corrupted
• D)powerful

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Definitions:

Economic Profit

The difference between total revenue and the total opportunity costs of all resources used in production, including implicit and explicit costs.

Long-run Equilibrium Conditions

A state in an economic model where all factors of production and markets adjust, resulting in no excess supply or demand.

Price-taker

A seller or buyer that has no control to dictate prices in the market, typically because of the highly competitive and uniform nature of the product.

Competitive Price-searcher Markets

Markets where firms have some control over prices due to product differentiation, but must search for the best price to attract customers.