________ Fairness Refers to the Perceived Fairness of the Process

question 119

Multiple Choice

________ fairness refers to the perceived fairness of the process with which a firm handles customer complaints.

• A)Procedural
• B)Intangible
• C)Distributive
• D)Service
• E)Empowerment

Distinguish between the different types of goods based on income elasticity (normal, inferior, luxury, necessity).

Understand how elasticity concepts apply to real-world economic decision-making and policy.

Analyze the relationship between elasticity, price changes, and total revenue.

Realize the implications of elasticity on tax policies and government revenues.

---

Definitions:

Disruptive Technology

An innovation that significantly alters the way that industries operate, often displacing established products.

Product Line

A series of related products offered by a single company, designed to serve a particular market segment or fulfill a range of consumer needs.

Prototype

An initial or preliminary version of a product that is created to test and validate design, functionality, and feasibility before full-scale production.

Mock-Up

A scale or full-size model of a design or device, used for teaching, demonstration, design evaluation, promotion, and other purposes.