When Economists Say That the Demand for a Product Has

question 215

Multiple Choice

When economists say that the demand for a product has increased, they mean that:

• A)consumers are now willing to purchase more of this product at each possible price.
• B)the product has become particularly scarce for some reason.
• C)the product price has fallen and as a consequence consumers are buying a larger quantity of the product.
• D)the demand curve has shifted to the left.

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Definitions:

Organizational Cultures

The shared values, beliefs, and practices that shape the social and psychological environment of a business organization.

Adopting Values

The process through which individuals or organizations integrate new beliefs, attitudes, and standards into their existing value systems.

Organizational Socialization

The process by which a new employee learns the values, norms, and expected behaviors of an organization to become an effective member.

Cultural Values

The core principles and ideals upon which an entire community exists and functions, deeply influencing people's behaviors and perceptions.