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Refer to the Scenario Below to Answer the Following Questions

question 1

Multiple Choice

Refer to the scenario below to answer the following questions.
Path-Goal Leadership (Scenario)
Harry knows that there are many different models of leadership. He wants to become more effective at his job, and also to assist his first-line managers in becoming more effective leaders. As he thinks about his first-line managers, he realizes that they each demonstrate a different leadership style. Jenna lets her employees know exactly what is expected of them and gives specific guidelines on how tasks are to be accomplished. Jack, on the other hand, always solicits information and suggestions from his employees before making a decision. Then there is Kate, who demands a lot from her employees. She sets challenging goals and expects all of her workers to try their best to achieve them. Finally, there is Frank, who is very friendly and shows constant concern for his employees and their welfare. Harry decides to use House's path-goal theory to further analyze his situation.
-Frank is a(n) __________ leader.

Differentiate between billable and nonbillable hours and explain the rationale behind maximizing billable hours.

Understand the concept of marginal utility and how it affects the marginal rate of substitution between goods.

Recognize principles of Pareto optimality in the context of resource distribution.

Identify and calculate marginal rates of substitution in utility maximization problems.

Definitions:

Societal Rules

The norms and laws governing behavior within a society, which can influence individual and group actions and decisions.

Retailer

A company that sells goods to consumers for their use, rather than for resale to others.

End-user Consumers

Individuals who are the final users of products or services, typically distinguished from intermediaries or resellers.

Subsector

A division of a larger sector or industry, often defined by specific characteristics or types of activities.