Economists Believe That People Respond in a Predictable Way to Changes

question 150

Multiple Choice

Economists believe that people respond in a predictable way to changes in costs and benefits.The term that best describes this phenomenon is

• A)opportunity cost
• B)scarcity
• C)innovation
• D)marginal analysis
• E)other things equal (or ceteris paribus)

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Definitions:

Sales Presentation

A structured dialogue or pitch by a salesperson with the aim of persuading a potential buyer to purchase a product or service.

End-User

The final consumer of a product or service, who uses it for its intended purpose.

Store Fixtures

Equipment and furniture used in retail stores to display merchandise and enhance the shopping experience.

Business Proposition

A unique offer or plan proposed by a business to provide certain products or services under specific conditions.