A Shortage Occurs When the Quantity Demanded Exceeds the Quantity

question 407

True/False

A shortage occurs when the quantity demanded exceeds the quantity supplied.

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Definitions:

Legitimate Power

Is the authority that an individual or leader possesses due to their position or role within an organization, which is recognized and accepted by others.

High Power Distance

A cultural dimension describing societies where there is a significant gap between those in power and the less powerful individuals, often resulting in less questioning of authority.

Legitimate Power

The authority or power that is formally granted to a position or individual within an organizational hierarchy, allowing them to influence others.

Referent Power

A form of influence based on the charisma or likability of the leader, leading others to identify with them.