When Consumers' Incomes Increased 10 Percent, the Quantity of Milk

question 45

Multiple Choice

When consumers' incomes increased 10 percent, the quantity of milk bought increased 5 percent. This result means

• A) the demand for milk is income elastic.
• B) milk is a necessity.
• C) milk is a luxury.
• D) milk is an inferior good.

Understand the effects of creativity on business and organizational outcomes.

Distinguish between intrinsic and extrinsic motivation in the context of creativity.

Understand the role of the open mode and mental state in fostering creativity.

Learn the impact of specific attitudes and practices on creativity, including misconceptions and beneficial approaches.

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Definitions:

Benefits

Advantages or favorable outcomes derived from actions, policies, or circumstances.

Assumption

A basic condition or premise believed to be true without proof for the purpose of reasoning and decision-making.

Hypothesis

A suggested theory formulated from minimal evidence intended as an initial step for more in-depth inquiry.

Behavior

The actions or reactions of an individual or system in response to external or internal stimuli.