Examlex
According to Robert House's path-goal theory, a supportive leader lets subordinates know what's expected of them, schedules the work to be done, and gives specific guidance on how to accomplish tasks.
Substitute Resources
Alternative resources that can be used in place of another to satisfy consumer demand or production needs, often affecting market competition and prices.
Elastic Demand
A market situation where the quantity demanded of a good or service changes significantly as its price changes.
Short Run
A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.
Long Run
A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.
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