Table 4-1 -Refer to Table 4-1.The Table Above Lists the Highest Prices

question 168

Multiple Choice

Table 4-1

-Refer to Table 4-1.The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt.If the price of one of the shirts is $28 dollars,

• A)Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts.
• B)Tom will receive $12 of consumer surplus from buying one shirt.
• C)Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.
• D)Harriet will receive $25 of consumer surplus since she will buy no shirts.

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Definitions:

Referent Power

A form of influence based on the leader's personal traits, where followers identify with or want to be like the leader.

Political Tactic

Strategies or maneuvers used within organizations to gain advantage or support for one's goals or interests.

Maneuverability

The ability of an organization or individual to quickly and effectively change directions or strategies in response to external conditions.

Reward Power

The capability to offer something desirable as a means of influencing others' actions or decisions.