Table 4-7 -Refer to Table 4-7.If the Price Were $8,a

question 101

Multiple Choice

Table 4-7

-Refer to Table 4-7.If the price were $8,a

• A) shortage of 20 units would exist, and price would tend to rise.
• B) surplus of 25 units would exist, and price would tend to fall.
• C) shortage of 25 units would exist, and price would tend to rise.
• D) surplus of 45 units would exist, and price would tend to fall.

Understand the concepts of public goods, including non-excludability and non-rivalry.

Calculate individual and societal willingness to pay for public goods.

Distinguish between public and private goods and understand their characteristics.

Explain the occurrence and implications of externalities in market outcomes.

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Definitions:

Referent Power

A form of influence based on the leader’s likability and the followers’ desire to identify with or emulate them.

Legitimate Power

Power that is recognized and accepted by individuals due to the position or role of the person holding it.

Achievement Of Organizational Goals

The successful fulfillment or reaching of objectives set by an organization through collective efforts and strategies.

Political Behavior

Actions by individuals or groups within an organization that are aimed at influencing the distribution of advantages and disadvantages.