To Be a Formal Leader, One Must ______

question 58

Multiple Choice

To be a formal leader, one must ______.

• A) be officially designated by the organization
• B) have a higher level degree than other employees
• C) have androgynous traits
• D) extensive leadership training

---

Definitions:

Quantity Discounts

Price reductions given to buyers purchasing large quantities, intended to encourage bulk buying.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar, leading to prices being determined by supply and demand.

Marginal Cost

The cost incurred by producing one additional unit of a good or service.

Equilibrium Price

The pricing level where goods supplied and goods demanded by consumers are equal.