Explain How the Concept of "Empowerment" Can Make a Leader

question 46

Essay

Explain how the concept of "empowerment" can make a leader even more effective in dealing with subordinates.

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Definitions:

Natural Monopoly

A market condition where a single firm can supply a good or service to an entire market at a lower cost than two or more firms.

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the total quantity of output.

Market Output

The aggregate amount of products and services created and available for purchase within a market.

Merging of Firms

The process where two or more separate entities come together to form a single, combined organization, typically to achieve economic efficiencies or market advantages.