Zack Was Elected by His Group to Be the Leader

question 8

Multiple Choice

Zack was elected by his group to be the leader. During the group meetings, he did not recommend any procedures for discussing decisions, he did not volunteer any information, and he only did what he was asked to do specifically. What leadership style was Zack using?

• A) Democratic
• B) Laissez faire
• C) Authoritarian
• D) Participative

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Definitions:

Marginal Cost

The hike in total expenditure linked to the production of one additional good or service unit.

Monopolistically Competitive

Describes a market structure where many firms sell products or services that are similar but not perfect substitutes, leading to competitive pricing and differentiation.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, accounting for the cost of opportunity.

Efficient Output

The level of production at which a company or economy can produce the maximum amount of goods and services with the least amount of input costs.