What Is the Name of Those Products Whose Demand Will

question 41

Multiple Choice

What is the name of those products whose demand will increase as a result of an increase in income?

• A)Normal products.
• B)Complementary products.
• C)Substitute products.
• D)Inferior products.

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Definitions:

Ethical Decision Making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Conflicts Of Interest

Situations where an individual’s or group’s personal interests potentially interfere with their responsibilities or the interests of others.

Confirmation Bias

The bias towards finding, interpreting, prioritizing, and reminiscing on details in a manner that affirms and supports one's prior beliefs or assumptions.

Groupthink

this is a psychological phenomenon that occurs within a group of people, where the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.