Which of the Following Was Not One of the Power

question 24

Multiple Choice

Which of the following was not one of the power bases that Francis "Jack" Reith used to push the development of the 1957 Ford Mercury?

• A)He was a dynamic and charismatic leader
• B)He was intelligent and effective at persuading others
• C)He had a track record of success
• D)He had position power
• E)He threatened punishment to anyone who opposed the idea

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Definitions:

Opportunity Cost

The relinquishment of possible advantages from alternate options upon making a choice.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, measured by the area above the supply curve and below the price level.

Demand

The desire to purchase goods and services backed by the ability and willingness to pay a certain price.

Consumer Surplus

The gap between the total price consumers are ready and able to spend on a good or service and what they actually spend.