The Power of a Leader That Comes from the Respect

question 97

Multiple Choice

The power of a leader that comes from the respect and loyalty of subordinates is known as ________ power.

• A)reward
• B)legitimate
• C)coercive
• D)referent

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Definitions:

Long-run Equilibrium

A state in economics where all factors of production are fully adjustable, and markets or industries have adjusted to their optimal production levels and prices.

Competitive Price-searcher Market

A market in which firms have some degree of market power and can determine their prices, often through differentiation and searching for competitive advantages.

Average Total Cost

The total cost of production divided by the number of units produced, reflecting the cost per unit.

Competitive Price-searcher Firm

A company that sets its own prices based on its products, costs, and the competitive environment, rather than taking the market price as given.