Figure 215 Alt Text for Figure 2

question 186

Multiple Choice

Figure 2.15 Alt text for Figure 2.15: In figure 2.15, a circular flow diagram.
Long description for Figure 2.15: 4 circles arranged in a circle, labelled as follows, clockwise from the top center: Economic Agents M, Market K, and Economic Agents J.The fourth circle is empty unmarked.The diagram shows the flow of wages and salaries from Market K to Economic Agents M.The flow of labor services goes from Market K to Economic Agents J.
-Refer to Figure 2.15.One segment of the circular flow diagram in the figure shows the flow of labour services from market K to economic agents J.What is market K and who are economic agents J?

• A)K = factor markets; J = households
• B)K = product markets; J = households
• C)K = factor markets; J = firms
• D)K = product markets; J = firms

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Definitions:

Referent Power

Power that comes from our attraction to another person, or the charisma a person possesses.

Expert Power

Power based on a person’s knowledge and experience.

Reward Power

Power based on a person’s ability to satisfy our needs.

High Concern

The state of being extremely interested, anxious, or care significantly about something or someone.