Which of the Following Holds Position Power

question 43

Multiple Choice

Which of the following holds position power?

• A) Vice president of a company
• B) President of a student organization
• C) Dean of a college
• D) Sergeant in the military
• E) None of the above

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing companies to adjust to changes in the market.

Monopolistically Competitive

A market structure where many competing producers sell products that are differentiated from one another (e.g., by branding or quality) and hence are not perfect substitutes.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, measuring the firm’s performance beyond its accounting profit.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full adjustment to any change.