A Decrease in Price of a Certain Good Most Likely

question 142

Multiple Choice

A decrease in price of a certain good most likely will lead to

• A)an increase in quantity demanded and an increase in demand.
• B)an increase in quantity demanded but no change in demand.
• C)an increase in demand but no change in quantity demanded.
• D)no change in demand and no change in quantity demanded.

Recognize the importance of information validation and criteria for decision making.

Comprehend the principles of ethical decision making.

Understand the role and impact of information technology in decision making.

Identify drivers and barriers to creativity in organizational decision making.

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Definitions:

Creative Destruction

A concept in economics introduced by Joseph Schumpeter, describing the process by which old industries or technologies are destroyed and replaced by new ones.

"Destroyed" Industries

Refers to industries that have significantly declined or been rendered obsolete due to technological advancements, market shifts, or regulatory changes.

"Created" Industries

Sectors or markets that have emerged as a result of innovation, technological advances, or governmental policy.

Entrepreneurs

Individuals who take the initiative to start and manage a business, taking on financial risks with the aim of making a profit.