Mark Is a Well-Liked Boss

question 123

Multiple Choice

Mark is a well-liked boss. He has a suggestion box outside his door and has implemented many of the suggestions, even some of the more reckless ideas, such as putting a ping pong table in the meeting room. Although the organization has many strict procedures, Mark does not follow them nor does he expect this of his employees. In which trait does Mark MOST LIKELY rank the lowest?

• A) agreeableness
• B) extraversion
• C) conscientiousness
• D) openness to experience

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Definitions:

Competitive Price-Searcher

A competitive price-searcher is a firm in a market where it must search for an optimal price due to product differentiation, facing a downward-sloping demand curve.

Market Structure

The organization and characteristics of a market, including the number of firms, level of competition, and the distribution of market power.

Efficient Competition

A market scenario where firms can produce the goods and services that consumers demand at the lowest possible cost, maximizing societal welfare.

Price-Taker

An economic actor who accepts the market price as given and has no influence over it due to its small size in the market.