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Len and John Are Managers

question 56

Multiple Choice

Len and John are managers. Len spends a lot of time scheduling work to be done and providing guidance on its accomplishment. John takes great care to listen to his subordinates' concerns and act friendly toward them. In the terminology of House's path-goal theory, Len is acting as a(n) __________ leader, while John is acting as a(n) __________ leader.

Definitions:

No Close Substitutes

A market condition where a product or service has no similar alternatives close enough to serve as a replacement, enhancing its unique value.

Diamonds

Precious stones consisting of a clear and typically colorless crystalline form of pure carbon, often used in jewelry.

Price-Taking Firm

A price-taking firm is a company that must accept the market price for its product, having no influence on the price due to its small size relative to the industry.

Market Power

The ability of a firm to control the price and output of products in its market, often due to limited competition.