In the Long Run

question 65

Multiple Choice

In the long run

• A) price and output levels are mutually dependent.
• B) the level of output depends on the price level.
• C) the level of output is independent of the price level.
• D) the price level depends on the level of output.

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Definitions:

Substitutes for Leadership

Substitutes for leadership refer to factors that reduce the impact of direct leadership, such as established procedures, cohesive teams, or intrinsic motivation.

Information Technology

The use of computers, networks, and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.

Formalisation

The process of establishing official structures, procedures, and rules within an organization to ensure efficiency, clarity, and compliance.

Vroom-Jago Leader-Participation Model

A decision-making framework that helps leaders decide how much participation they should allow from subordinates in the decision-making process.