If the Consumer's Budget Constraint Is Given by 10F

question 23

Multiple Choice

If the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter, what is the opportunity cost of food in terms of shelter?

• A)5
• B)2
• C)15
• D)10

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Definitions:

Laissez-Faire

A leadership or management style characterized by a minimal amount of direct supervision, allowing individuals or teams considerable freedom in their work.

Transactional Leader

A leadership style focused on the exchange between leader and followers, where compliance is exchanged for specified rewards.

Transformational Leader

A leadership approach that causes change in individuals and social systems, by creating a vision to guide the change through inspiration, and executing the change in tandem with committed members of a group.

Leadership Substitutes Theory

A concept suggesting that certain characteristics of the organization, task, or subordinates themselves can diminish or replace the need for leadership.