The Consistency Culture Has an External Focus and a Consistency

question 76

True/False

The consistency culture has an external focus and a consistency orientation for a dynamic environment.

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Definitions:

Utility Function

A mathematical representation of how a consumer derives satisfaction or utility from consuming goods and services.

Substitution Effect

The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with cheaper substitutes, holding utility constant.

Income

The amount of money received by an individual or household over a certain period, usually from employment or investments.

Price

The monetary figure anticipated, requisite, or paid as payment for a product.