The Assumption That Prices and Wages Are Flexible Implies That

question 45

Multiple Choice

The assumption that prices and wages are flexible implies that the:

• A) short-run aggregate supply curve is irrelevant.
• B) short-run aggregate supply curve shifts slowly in response to deviations of current output from potential output.
• C) long-run aggregate supply curve is irrelevant.
• D) long-run aggregate supply curve could not shift.

Understand the four dimensions of justice in organizations and apply them through examples.

Distinguish between instrumental and terminal values and their relevance in a business setting.

Define what comprises corporate governance and what does not.

Comprehend the role of stakeholder influence and corporate governance in maintaining ethical standards.

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Definitions:

Transformational Leadership

A leadership style that inspires positive change in followers by creating a vision for the future, motivating, and improving the morale and performance of the team.

Transactional Leadership

A leadership style focused on the supervision, organization, and performance of a group or organization, often involving a system of rewards and penalties.

Leadership

The art of motivating a group of people towards achieving a common goal.

Management Development

A systematic process of training and growth by which individuals improve their management skills and competencies.