Legitimate power is the same as
a. laissez faire leadership
b. traditional leadership
c. peer pressure
d. expert leadership
Ans: b. traditional leadership
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In a monetary system, credit cards are ________.
A. not money B. a medium of exchange C. a store of value D. a unit of account
Which of the following statements regarding the marginal product curve is FALSE?
A) Increasing marginal returns occur only when the total product increases as the number of workers increases. B) Increasing marginal returns is due to greater efficiency from specialization in the production process. C) The law of diminishing returns applies in the short run. D) Along the marginal product curve, increasing marginal returns occur first and then diminishing marginal returns.
As price falls, quantity demanded ___________.
Fill in the blank(s) with the appropriate word(s).
Rent controls are an example of a
A) price floor. B) price ceiling. C) price floor for the consumer and a price ceiling for the producer. D) nonprice rationing device.