Refer to Figure 20

question 110

Multiple Choice

Refer to Figure 20.2.If the area 0P₁AB is less than the area 0P₂CD, we can conclude that the price elasticity of demand between point A and point C is

• A)Elastic.
• B)Inelastic.
• C)Unitary elastic.
• D)Impossible to determine.It depends on whether the price has increased or decreased.Lower prices result in higher total revenue (price times quantity) only if demand is elastic.

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Definitions:

Referent Power

Influence based on followers' identification, admiration, or respect for the leader rather than formal authority.

Reward Power

Reward power is the ability of an individual to influence others' actions by controlling access to desired resources or rewards.

Visionary Leadership

Characterizes leaders who have a clear, inspiring vision for the future of their organization and the ability to motivate others to work towards achieving it.

Effective Leadership

The ability of an individual to inspire, influence, and guide others toward achieving collective goals.