-Refer to the Above Figure

question 447

Multiple Choice

-Refer to the above figure. All of the following are true concerning the diamond-water paradox EXCEPT

• A) the demand for water exceeds the demand for diamonds.
• B) the price of diamonds exceeds the price of water.
• C) since the price of diamonds is high, demand is great.
• D) marginal utility of diamond consumption is relatively high.

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Definitions:

Empower Employees

The practice of giving employees the authority, resources, and support they need to achieve results, thereby increasing their sense of control and satisfaction in their work.

Decision-making

The process of identifying and choosing alternatives based on the values and preferences of the decision maker.

Legitimate Power

a form of power that is recognized as lawful and right, often derived from an official position or role within an organization.

David McClelland

An American psychologist known for his work on motivation theory, which includes the needs for achievement, power, and affiliation.