_______Leadership Is Based on the Exchange Relationship Between Followers and Leaders

question 16

Short Answer

_______leadership is based on the exchange relationship between followers and leaders.

Determine the factors that lead to changes in industry size in the long run including economic profits and losses.

Understand the significance of economic profits and normal profits in the decision-making process of firms in purely competitive markets.

Describe the relationship between market demand, economic profits/losses, and industry adjustments in the long run.

Analyze the impact of consumer demand on purely competitive industries and the resultant equilibrium.

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Definitions:

Commercial Activity

Business operations or actions undertaken for the purpose of generating profit.

Expropriation

The act of a government taking privately owned property to be used for public purposes, usually with compensation to the owner.

Public Purpose

Concise definition: The rationale behind legislative actions or government spending which must benefit the public at large, rather than specific individuals or groups.

Fair Compensation

Equitable financial remuneration offered for work performed or damages incurred, intended to justly reflect the value of the labor provided or the loss suffered.