The Two Types of Need for Power in Learned Needs

question 7

Multiple Choice

The two types of need for power in learned needs theory are:

• A)personalized and socialized.
• B)individual and team.
• C)corporate and political.
• D)high and low.
• E)monetary and non-monetary.

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Definitions:

Marginal Rate of Substitution

The pace at which a consumer is capable of sacrificing some portion of one item to obtain a different item, without altering their overall happiness.

Marginal Rate of Substitution

The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility.

Marginal Utilities

The supplementary utility or satisfaction received by using one more unit of a good or service.

Lemonade

A sweetened beverage made from lemon juice, water, and sugar, often associated with simple entrepreneurial ventures like lemonade stands.