When a Market Is in Equilibrium

question 11

Multiple Choice

When a market is in equilibrium,

• A)total surplus is maximized.
• B)the market is efficient.
• C)total well being of all participants in the market is as high as possible.
• D)All of these are true.

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Definitions:

Upward Relationship

The dynamic between lower-level employees and their supervisors or managers, emphasizing communication and interaction flowing from subordinates to higher-ups.

Autocratic Decision Making

A decision-making style where the leader makes decisions unilaterally without consulting subordinates, often associated with centralized control.

Subordinate Autonomy

The degree of independence or freedom given to lower-level employees in making decisions and taking actions.

Work Group Climate

The collective mood, attitudes, and behaviors that characterize a specific group within an organization, influencing its functioning and performance.